ITC Clearance Terminology

The credit industry loves its jargon, and nothing makes a stressful process worse than not understanding the words being used about your own finances. This plain-language glossary covers the terms you are most likely to meet during ITC Clearance.

ITC

The old name for TransUnion, one of South Africa's largest credit bureaus. The name stuck so firmly that South Africans still say "ITC listing" or "blacklisted on ITC" when referring to any bureau record.

Credit Bureau

A company that collects and sells information about consumers' credit behaviour. The four major players locally are Experian, TransUnion, Compuscan and XDS.

Default

A listing placed by a credit provider when an account falls badly into arrears. Defaults signal to other lenders that you failed to honour an agreement.

Judgement

A court order confirming that you owe a creditor money. Judgements are among the most damaging listings and generally require formal rescission to remove.

Garnishee / Emoluments Attachment Order

A court order instructing your employer to deduct debt repayments directly from your salary before you ever see it.

Administration Order

A court-supervised arrangement for consumers with debts under a set threshold, where an administrator distributes your payments among creditors. Being under administration blocks access to new credit.

Debt Review / Debt Counselling Flag

A marker showing you have applied for debt restructuring under the National Credit Act. It stays on your profile until the process concludes and a clearance certificate is issued.

Prescription

The legal expiry of a debt that has gone unacknowledged and unpaid for a defined period - prescribed debts can generally no longer be enforced.

Clearance Certificate

The document confirming that your unsecured debts are settled and your record updated. Read more on our clearance certificate page, or apply for ITC Clearance to put the vocabulary to work.