Acclaim luminary meriting advance (12)

I believe the answer is:

creditworthy

'meriting advance' is the definition.
(worthy of being given an advance or credit)

'acclaim luminary' is the wordplay.
'acclaim' becomes 'credit' (both can mean praise).
'luminary' becomes 'worthy' (both can mean an impressive person).
'credit'+'worthy'='CREDITWORTHY'

I've seen this clue in The Guardian.

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