Credit Repair

Credit Repair is the removal of unfair (disputable or contestable) listings from your credit report which may allow you to obtain finance, reduce fees and get a lower interest rate.

What is in a credit report?
A credit report may include information such as; addresses, employment history, current employment, credit applications, overdue accounts, judgments, clear outs, crossed or linked files, name changes and bankruptcies etc.

Credit report bureaus and some credit providers may deny it but erroneous listings do happen, and they can be legally removed.

Benefits
A simple, small default, clearout, the miss-spelling of your name or other details, judgment or other misstatements can stop you getting credit.

Improving the information on your credit report may allow you to obtain a loan you were refused in the past, lower your current interest rates and lower upfront and ongoing fees.

This can save you thousands upon thousands of dollars especially when considering home loans.

Facts
Many people believe that they can improve their credit rating by borrowing small amounts, obtaining small or low interest credit cards or even paying back debt, this is rarely the case, as Australia is one of the few countries in the world that follows a negative credit reporting system.

The Australia system only records negative events, so there is no good credit to balance any small negatives. When you pay an old debt, the negative credit listing doesn't disappear.

The most ironic thing is that a paid, current negative listing is not much better than an unpaid negative listing. This is not always true, but in most cases, you will not get much further by paying the old debt.

Credit providers use computers that determine your suitability for a loan, the whole process can be assessed by algorithms, with limited human input.

The credit providers can reject you if you have even the smallest blemish, even a missed phone bill can stop you getting a loan or increase your monthly repayment.  

If the listing is unfair (disputable or contestable), then Credit Repair Australia™ will attempt to have the listing removed from the credit report or have the report updated to reflect the correct and current position.

If the debt is outstanding and you believe that you owe the debt, then the removal of the incorrect listing may not stop the credit provider from taking further action to recover outstanding amounts.

You may not know this, but when you make any enquiry or application for a mobile phone on a contract, or to apply for an interest free store offer, chances are you consented for your details to be given to a credit reporting agency.

These enquiries include almost every application for credit including personal loans, credit and store cards.

More frequently asked questions or click here to find out more about credit repair.