Can credit repair help me?

Can credit repair help me?

Credit file information

Many claim credit repair can help and many claim it cannot! So can credit repair help me?

So here’s the verdict?

Quite simply credit repair can help if it is successful. Whether you do it or have someone do it for you.

Some companies are capable and some are not. Normally the ones who are not charge upfront fees. In fact in almost all cases.

That’s because getting paid on results would see them go broke.

So that’s the first important piece of information, never pay upfront fees of any description.

Never pay any type of upfront fees. Ever.

Now there are Govt agencies and charity legal services or advisory services that just hate seeing people make money out of this industry.

These Govt agencies and advisory services try their damnedest to steer you away from credit repairers. They constantly reiterate you can do it your self. (even though they say in the next breath that credit repair cannot be done. Work that one out.)

So here’s a bit of info on that aspect.

Yes you can do it your self. Regardless of whether you know what to do or not, you can do it yourself. You may not be successful but you can try it yourself. That’s sort of stating the obvious.

You can fix your own car, you can build your own house, you can fix your own anything if you know what to do.

When you employ a competent credit repairer you are trusting that they know what they are doing.

Use a credit repair solicitor. Don’t use hacks!

Picking a credit repairer who charges on results only sorts that part out. Put simply, those who can’t repair don’t stay in business if charging a no win no fee basis.

Can credit repair help? of course it can if done right.

You can cook your own steak but people go and eat out and pay for someone to cook it for them. Why? because chances are the restaurant should be able to do a good job as they are doing it every day for a living.

So apply that theory to credit repair. Competent credit repairers should know the fastest avenue to dealing with a creditor who has listed a default against you. Time is of the essence and being run around by a creditors doesn’t help. And they will run you around.

Competent credit repairers should also know what law and guidelines apply and this is where a solicitor carrying out the repair gives an advantage.

Additionally they should be able top prepare your case in such a way that it is concrete and sound when presented to a creditor or governing body.

Provide your repairer with all of the facts. Don’t edit them!

So yes, you can try it all yourself and no one is stopping you. But we bet you will not get the result that a professional credit repair solicitor gets who charges on a no win no fee basis.

Unless you have your finger on the pulse, know the laws and guidelines, know the right avenues to take then a pro will have the drop on you.

Why don’t these Govt agencies and advisory services allocate more time to telling people they can fix their own car? Give the mechanics are hard time. Or build your own house and give the builders a hard time.

Fact is these agencies are labelling ALL credit repair companies as dodgy just without saying it directly. They should instead be warning consumers of dodgy companies and educating consumers to look for assistance from a company who charges zero upfront fees.

That would be a useful and practical approach that would help everyone.

Can credit repair help? Of course it can.

There is wrong information on my credit report. What do I do?

There is wrong information on my credit report. What do I do?

Credit file information

So what do you do when your credit report has the wrong details in it? Firstly don’t panic.

You would be surprised at how many Australian consumers have some sort of wrong information on their credit report.

If you have found a recent copy of your credit report shows incorrect information in it, do not be immediately alarmed.

Go into repair mode, not panic mode.

This is not unusual so do not think you are considered “bad” because part of your credit file is wrong.

Firstly gather your identification such as drivers license. Make sure the ID shows exactly what should be displayed on your credit report.

Next contact the credit reporting bureau online. Not by phone because you need a track record of your actions or a foot print that they can see, just in case you need to follow up the credit reporting bureau which is also not uncommon.

Submit your online request and clearly and accurately outline the specific issues in point form. Write your request as if dealing with dummy’s. Make it easy enough to read for anyone.

Supply the required credentials and ID which may be requested of you.

Importantly do everything the way they request and do not change it to suit you.

This is the fastest and free way to correct your credit file. Having a clear and correct credit file is critical to successful finance. Don’t dismiss an error as minimal or it may cost you!

Look at what banks focus on when reviewing your credit report in this article.

Can I clear judgments from my credit file?

Can I clear judgments from my credit file?

Credit file information

How do I clear judgments from my credit file?

Many consumers are faced with this question when it comes to credit report issues. Is it possible to clear judgments from my credit file?

Clearing judgments is possible under certain circumstances. But it doesn’t always work, especially if not done correctly.

Each state or territory in Australia has its own jurisdictional court rules to be followed.

Cooperation from the listing creditor is also required to successfully clear judgments from your credit file.

Previous procedures from around two years ago no longer work, in fact they ruin your chances of clearing judgments from my credit file.

Equifax, formerly Veda, no longer accept a notice of discontinuance files at court to clear a judgment.

Too many consumers read this dated procedure within online articles in an attempt to clear a judgment from their Veda Equifax credit report.

In fact this discontinuance procedure now permanently closes the matter in court which eliminates the possibility of filing the correct documents.

This is where seeking assistance of a solicitor who specializes in credit reporting law is so valuable.

Solicitors trained and up to date with credit reporting law and associated court procedures know what is required to successfully clear a judgment from your credit file.

Given the consequences or doing more damage than good if you get it wrong, it pays to get it right the first time using a professional, so long as the agreement of service is “no win – no fees”. Never pay money upfront.

Simply provide a copy of your credit file to receive a free quote on what may be possible.

Credit card repair on your credit file

Credit card repair on your credit file

Credit file information

Is credit card repair possible on your Equifax credit file in Australia?

In today’s day and age credit card applications are part and parcel of almost every consumers’ financial behavior at some point in time, but for some people excessive applications can lead them in search of credit card repair which may not be possible, ultimately leading to disappointment.

Credit card applications are fine if carried out in moderation however the lure of a line of credit is just too attractive for some people and the number of attempts to obtain a credit card can have adverse implications on your credit history.

Yes it does get to the stage where some consumers end up seeking services for credit card repair in the hope that their excessive applications can be trimmed down on their credit report. But that is where issues can crop up.

Firstly understand that lenders look at many aspects of your credit report and also the aspects of information you provide them with when applying for finance or credit. Lets examine what lenders focus on in the application section of your credit file.

Applications on a credit file in Australia stay on file for five years. However lenders are more concerned with the more recent applications as they reflect more accurately your financial shopping pattern. This gives them an idea of how often you have been applying for credit and in turn an idea of your “need for credit”. Normally they focus on the last two years but not limited to that.

Obviously when a lenders sees excessive applications for finance on a credit file they form the opinion that you may be desperate for funds. That in turn can lead them to believe that you may not be altogether responsible with your ability to restrain yourself and spend sensibly and responsibly.

So what is an excessive amount of applications on your file ? The answer to that will also depend on the type of applications such as mortgage, personal loans, credit cards, auto finance or fast money loans. Three secured mortgage applications can be fine where as three credit cards may not!

Without doubt fast money loans are the worst to have on your credit file. They are the type that offer same day loans with ultra high interest rates over a short repayment period. Avoid applying for them at all costs as even one of those applications on your credit file can lower your credit score dramatically.

Then next worse would be credit card applications. It is normal to have one or two over a five year period but any more indicates to a lender several things which they perceive as negative, thus reducing your chances of getting finance approved.

Multiple credit card applications could indicate you have maxed out your current cards and you need more quick cash. Naturally this is a killer on your credit history. Multiple applications can also mean that you are in the need for fast unsecured cash, another indicator that you may not be good with your finances.

And once these entries are on your file it is mostly too late to think credit card repair is possible. Applications are unlike defaults or judgments on your file as they cannot be disputed unless duplicate or fraudulent. The lender normally retains a copy of your application and where it has been submitted from so thinking you can simply tell them “it’s not mine” will not work. Unless of course it truly is not yours.

Claiming you applied for your ex partner is useless also. Lenders do not care what you have applied for in your name for your ex. Forget that one straight away.

Any credit repairer claiming to credit card repair or remove credit card applications which you know are legitimate are stringing you along and will more than likely be asking for your money upfront. BEWARE and never pay for this as a claimed service.

Credit card repair is almost always impossible when it comes to removing applications from your credit file. Defaults and judgments are a different story. Read more on default removal.

more on too many credit card applications

Credit rating

Credit rating

Credit file information

Credit Rating check Australia.

There are only a few credit reporting bureaus in Australia which gather and maintain your personal credit history information or your credit rating.

The two largest of these agencies in Australia are Veda and Dun & Bradstreet, with Veda being the largest and most commonly used.

Almost every lender will access Veda when performing a credit check on you and quite a lot will also use Dun & Bradstreet.

All of these agencies who compile and maintain your credit rating are governed under very strict laws which fall under the Privacy Act.

Not everyone has access to your credit rating.

In order to have access to your credit rating a business must be a licenced financial provider, utilities provider, mortgage broker or other authorised access agent which also must act in accordance with laws and guidelines as outlined by the Office of the Australian Information Commissioner (formerly Privacy commissioner)..

Of course you can access your credit rating in Australia by carrying out your own search which is not difficult.

There are two options for you to perform your own credit rating assessment online.

You can contact a credit reporting bureau and request a free copy. This will normally take several weeks to get to you.

Or you can choose to have a professional assess your credit history on your behalf which is employing an authorised access seeker/agent and attracts a small fee for assessment, such as our $35 fee.

All lenders will check your credit rating as part of an application process.

Naturally lenders want to see if you have any less than desirable back ground before they provide you with Credit or lend money.

These lenders and credit providers must hold a current Australian Financial Services Licence.

When they access your credit rating they will see the last five years of activity regarding applications for finance, credit cards and other lines of credit, utilities applications such as power or gas and of course Telco applications.

If you have any defaults on your file they will stay on for five years from the original entry date, regardless of when you opened the account or went into arrears.

If you have a court action on your credit file it will also last for five years from the date judgment was entered.

Bankruptcy details are listed for seven years from the commencement date of bankruptcy, even if it is only a Part 9 under the Bankruptcy Act which is what you are arranging when you agree to the many advertised debt assist programmes you may have seen on television. Be careful!

Personal information is also held on your credit rating.

Other information which you provide when applying for credit or finance will also be loaded onto your credit rating by the credit provider you are submitting the application with.

That is how your personal details are updated with a credit reporting bureau such as Veda or Dun & Bradstreet.

Information such as your employer, date of birth, current and previous address, licence number is all entered every time a lender completes a credit check on you. This cross references with the existing date on the credit reporting bureaus data base and obtains a correct match.

Mistakes can be made by credit providers when checking your credit rating.

Staff are only human and prone to making errors when submitting data to a credit agency.

And yes, some entries can be removed as we discuss in this article.

If you are in doubt of any information on your file you can always conduct a credit check yourself and see what is held on your file.

If a credit provider tells you there is adverse information on your credit file then it would be wise to obtain your credit rating file immediately and examine the contents. You may have to seek help if adverse issues are removable.

Not all entries on a file can be removed or amended and will be determined by the account history behind a default, who the credit provider was, how helpful any staff are who you approach, whether they followed correct procedures when listing a default on your credit rating and many more factors.

If you need your credit rating assessed by a professional then you can apply right now by using our link Assess My Credit history.