The ITC Dictionary

Credit professionals talk in shorthand, and the shorthand is about your money - so you deserve the translation. Bookmark this page for every confusing term the clearance journey throws at you.

ITC

Not actually a current company. ITC was the old name of what is now TransUnion, but the label stuck to the entire industry - "ITC listing" and "blacklisted on ITC" survive as everyday South African shorthand for any bureau record.

Credit Bureau

The record-keepers: Experian, TransUnion, Compuscan and XDS collect your account behaviour from credit providers and sell the resulting reports and scores back to lenders.

Default

A provider's formal declaration that your account went badly unpaid. One of the most common adverse listings, and a reliable application-killer while it stands.

Judgement

A court's confirmation that you owe a debt - heavier than a default and requiring formal rescission to remove properly.

Garnishee / Emoluments Attachment Order

A court instruction routing your debt repayments through your employer's payroll, deducted before your salary reaches you.

Administration Order

Court-supervised debt distribution for smaller total debts, run by an appointed administrator. New credit is blocked while it operates.

Debt Review / Counselling Flag

The bureau marker showing you entered National Credit Act debt restructuring. It bars new credit until removal - see debt review removal.

Prescription

The legal expiry of old, unacknowledged debt - most consumer debt prescribes after three years of no payment, admission or summons.

Clearance Certificate

The document certifying settled debts and an updated record - explained in full here. Fluent now? Put the vocabulary to work.