Comprehensive credit reporting changes in Australia.

Credit repair services

Comprehensive credit reporting changes were introduced in Australia a few years back.

Basically it means more detailed information will be added to your credit history. Some good and some bad.

Banks and other lenders have been slow on the uptake to add data to credit history data bases with Equifax formerly Veda.

Currently most of the major lenders have added any open credit cards you may have and the last two years of payment history. This was their first meaningful obligation as part of comprehensive credit reporting changes being introduced.

This can be good if you pay on time as it will show as much. Previously that was not the case and prompt payers were not rewarded this way.

Come September this year the banks will now have to add your mortgage payment history to your credit history.

This is all part of the ongoing update of credit reports by the major lenders.

This will allow lenders to more accurately gauge your liabilities and therefore allow them to lend more responsibly. Or so they say.

Here is another article on credit reporting amendments as shown on news.com.au website. It may be of interest.

You can review and assess your credit report any time by accessing our credit file assessment service here.

Veda Credit Repair – practical tips and advice.

Credit repair services

Some straight forward advice for people with impaired credit reports looking for help with Veda credit repair.

If you already have a copy of your Veda credit report just attach and upload using this link. Free credit repair quote


Is Veda credit repair possible?

Yes removing defaults or court judgments can be achieved under certain circumstances. It will depend upon who has listed the entry and how they went about it. Not all entries can be removed.

Who can carry out Veda credit repair?

You can certainly try yourself. Do as much research as possible but be careful, not everything is correct or up to date on the internet.

Or you can have a professional act on your behalf who is familiar with the process, ideally a solicitor who specialises in credit repair.

Should I pay upfront for credit repair?

No. Never pay a cent upfront for Veda credit repair. Make sure you only ever pay on results and never allow people to presure you into anything you are not comfortable with. Always act on written advice only, not verbal agreements.

How long does Veda credit repair take?

This will vary based on how many defaults or judgments issues are to be addressed, how efficient or cooperative the creditors are and in some cases how busy the courts or other organisations are that we must deal with.

On average and all going well we normally see items removed between 3 – 8 weeks. Sometimes quicker and sometimes longer as every case is always different.

No one can predict an exact finish time and anyone who does is misleading.

How much does credit repair cost?

This too will vary based on how many defaults or judgments are to be removed. Typical costs for a solicitor to remove a default or judgment would be between $900 and $1600 if successful.

None of this should be payable upfront and nothing should be paid if the item cannot be removed successfully.

Is Veda Credit Repair legal in Australia?

Yes of course it is, so long as it is carried out in accordance with all industry guidelines and adheres to any relevant legislation. Solicitors are not in the habit of breaking the law when offering this service. So make sure you use a solicitor!

Are there dodgy credit repairers operating in Australia?

Yes absolutely there are. Not only do they give the good operators a bad name but they will not get you results.

Dodgy credit repairers will always get money from you upfront. Some will even say it is refundable but inevitably the refund never comes back to you.

Even some of the biggest names in the credit repair industry operate using unscrupulous standards, including getting money upfront. Beware, just because they are big it does not mean they can be trusted.

Three golden rules for credit repair are as follows,

  1. Never pay any money upfront, refundable or not.
  2. Always make sure your credit repairer uses a solicitor in the process.
  3. Only ever pay upon a result.
Credit repair – Don’t pay money upfront for credit repair!

Credit repair – Don’t pay money upfront for credit repair!

Credit repair services

Never pay money upfront for credit repair services.

How many times must we read articles almost always written by legal aid agencies or consumer law group’s and the like, offering damning advice against all credit repair companies ?

Common sense dictates you don’t pay money upfront for anything unless you know you are going to receive what you pay for. Seriously, do you need to be told that over again via social media ? Apply common sense and do not pay for something until you get it ! Don’t need a legal advice for that do we.

So, don’t pay money upfront for credit repair.

Credit repair is no different to any other service. Results cannot be guaranteed by anyone so you should only ever pay once a result has been achieved.

Don’t pay a credit repair company, do it yourself !

And every legal assistance company around urges you to do credit repair yourself. They hate seeing credit repair people making money. Why? because there are too many shonks in the credit repair industry so the legal aid industry likes to tar all credit repairers with the same brush. Never do they mention there are a few honest repairers who only charge if they get results.

Sure you can try credit repair yourself. And you can try fixing your car yourself, or build your house yourself, or do the electrical wiring yourself, cook your own meals instead of restaurant food, or even fill your own holes in your teeth. You can do anything yourself but fact is, some people choose to employ other people to do things for them!

Just because credit repairers do things that some could do themselves, doesn’t mean that the credit repairer is committing a crime offering assistance. Contrary to what Legal aid industry personnel claim.

Not all credit repairers are crooks. Just search for one who only charges purely on results. You don’t need Consumer Law Centre’s shoving info down your neck that we are practically criminals. Just because they catch on bad repairer out it does not automatically apply that all repairers are crook, although Consumer Law Centre’s would like you to believe so.

We will say it again, don’t pay money upfront for credit repair.

Credit repair is a waste of money !

Yes it is if results are not achieved. Results meaning defaults removed.

Some claim defaults can only be removed if placed incorrectly. NOT TRUE.

This is a fallacy that consumer law groups brainwash people with via social media and fake news.

The fact is that some creditors will remove defaults formed on a “no admission” basis. Meaning they will lift the default but first make you sign a disclaimer that you agree they have acted in accordance with all guidelines and laws regarding listing the default. No repercussions on them when they remove the default.

With the right knowledge and the right contacts this is a common remedy and normally attracts a condition that the debt amount is paid to the creditor throughout the process.

So it appears that law centres quite simply want all credit repairers to shut up shop. At bare minimum heavily regulate the industry.

Senate inquiries are not needed to waste tax payers money. The evidence is right in front of everyone’s faces already. Solution: make it LAW that no credit repairer charges a single cent until a result is achieved. Spend the money structuring that legislation, not wasting time on inquiries about something we know is already broken and something we already know the solution to.

Consumer law centre’s do assist people but they are also notorious for complaining and crying poor me when common sense remedies are sitting on the shelf right in front of them. But to be fair, it is their nature to be drama queens at times.

Be smart and use common sense. Don’t pay money upfront for credit repair ! and as for this article, where on earth did a homeless man get thousands of dollars together for credit repair ??? Unless the article is conveniently written. Hmmmm !


Benefits of using a Credit repair solicitor

Credit repair services

Why should I choose a solicitor for credit repair?

There are many credit repair services in Australia and only some of them use solicitors.

A credit repair solicitor is obliged to cover itself and clients with forms of industry indemnity.

Should something go wrong legally in the process and adverse implications arise then you are normally covered when using a solicitor for credit repair.

Credit repair solicitors have trained long and hard to high standards in gaining their qualifications. This means you normally have a representative with high professional standards.

Certain pitfalls for credit repairers who are not qualified solicitors normally include overlooking legal avenues which can be used to your advantage.

After all, you are engaging a professional to handle your important affairs in the trust that they know what they are doing.

Always choose a solicitor for credit repair. Avoid dodgy practices who charge money upfront.

Untrained dodgy credit repair companies not only place you at risk, but generally give the rest on the industry a bad name.

For inquiries regarding your credit file feel free to contact us with any queries and we will be happy to assist in advising you on the best direction.

What is a payment default? Are overdue debts the same?

What is a payment default? Are overdue debts the same?

Credit repair services

Payment defaults or overdue debts are entries on your credit history which affect your chances of obtaining credit. The following is basic info to help answer What is a payment default

Payment defaults are also called overdue debts. These entries are different to late payment data on your report.

Removal of payment defaults is possible in certain cases but a thorough understanding of relevant guide lines and law make chances of removal much better. Always seek the advice of a solicitor who specializes in payment default matters.

A credit provider must carry out certain steps before listing a payment default. This can include overdue notices to your last known address which states that the debt may be listed with a credit bureau such as D&B or Equifax.

A payment default is more than $150 and is a minimum of 60 days overdue. This can relate to bank loans, credit cards, utility bills or leases in a consumers name.

Avoid being late with any payments and this will prevent payment defaults on your credit report which can blow your chances of obtaining the credit or finance you want. In most cases credit providers will list payment defaults regardless of your story or excuse for being late with a payment over 60 days.

Commercial defaults are a different category on your credit file and relate to business debts. These must be at least $100 but don’t necessarily have to be 60 days overdue as trade accounts have different terms to consumer finance.

Payment defaults stay on your credit report for five to seven years regardless of paid or not.

You can have your credit report assessed for any payment defaults if you think an entry has been placed.