How long does the information on my credit file last?
- Court Writs & Summons – 4 Years
- Payment Defaults, Court Judgments, Credit Enquiries – 5 Years
- Bankruptcy, Part 9 Debt Agreements & Clearouts – 7 Years
- External Administration & Previous Directorships – 10 Years
How long does it take to remove a credit item from my credit file?
There’s no predetermined answer to this question. It usually depends on the number and nature of the listings as well as the attitude of the parties involved. We usually finalise our client’s matters within four to six weeks of commencement.
How much does it cost to remove a credit item from my credit file?
Our service fee includes the initial administration and investigation fee and then a fee to arrange the removal of the negative credit listing from your file. We only charge the full amount upon the removal of the credit item.
What is a credit report?
It is a document containing information about you and your personal details along with a history of your financial behaviour. The credit providers use this information to determine your risk profile.
What information is included in a credit report?
A credit report features your name, address, date of birth, employment, directorships, a list of most credit providers you have applied to obtain credit. This list can include phone carriers, gas and electricity providers, insurance companies, banks, etc. Each time you apply for credit, it is stored in the credit report for the credit provider to view.
Is there a chance that I have a credit report?
Yes, there is. There are over 14 million credit reports held in Australia. Each time you apply for any sort of credit, it is recorded in a credit report.
Who keeps this information?
This information is kept by credit reporting companies such as Veda Advantage and Dun & Bradstreet and it is made available to credit providers and associated parties at a certain cost.
Is it legal to keep my personal information?
Credit reporting agencies have the right to keep personal information for the purposes of compiling a credit history. They are, however, obligated to uphold many laws and protections when storing and recording information.
How does bad credit rating affect me?
If you apply for credit or if you are late in repayments, it is all recorded on your credit file. This information is available to potential credit providers who make the decision on your next application for credit. If you have a history of credit enquiries or negative listings on your credit report, it can be difficult for you to secure any credit in the future.
Can I find out about my credit rating?
Yes, you can request your credit report by contacting the credit reporting agencies directly for a copy of it, generally with a service fee. At Credit Repair, we also provide this service for a small fee.
How does bad credit occur?
Something as small as missing a payment without informing your creditor can result in a negative listing on your credit report. This negative credit listing can stay on your credit file for years and lower your chances to secure further credit.
Does this credit file mean a breach of my privacy?
No, this is not a direct breach of your privacy rights when recording and selling your personal information for the credit report. The government believes that your credit information should be made available to a third party. There are laws and regulations that still protect how your information should be gathered and published.
How much bad credit does it take to get a denial on my loans?
One small late payment creates a negative listing on your credit file with a long lasting effect. And most credit providers use automated systems which focus on the negative listing, no matter how small, large, paid or unpaid. Negative listings usually result in denials for loans.
Can I fix my credit rating by paying back my debts?
Most people would think that but it is not the case. After you have a bad credit rating, no matter how early you repay your debts in the future, the negative listing will still be there. And the more late payments you make, the negative listing will just grow. So from a credit rating perspective, bad credit cannot be resolved by paying back the debts.
How can I fix my credit rating?
There are many factors you will need to know when repairing credit. It requires in-depth knowledge of the associated laws and the credit reporting process. The credit provider also needs to be convinced that they had made an error. It is also a problematic process to remove the negative listing with the credit reporting agency. So repairing credit is best left to the professionals such as Credit Repair.
What if my rating was based on incorrect information?
The credit reporting agency’s job is only to collect and store all the credit history and they are not responsible if the information is correct or incorrect. It is the responsibility of the consumer to point out if there is incorrect information to a reputable credit repair agency to make an official investigation and fix the mistake.
Is repairing credit a legal process?
Despite there being little information about credit repair companies, there is absolutely nothing illegal about repairing your credit rating and protecting your rights. The relevant laws make provision for contesting incorrect credit listings.
How does Credit Repair help fix negative credit listings?
The process of repairing negative credit listings is carried out by applying relevant State and Federal legislation to the listing process.
Can I trust Credit Repair?
There has been negative media attention about credit repair companies in recent years. This is because of the dishonest companies that cheat people’s money without any actual services provided to them. Cases like these have influenced the media and the public into thinking the credit repair industry as a scam.
Credit Repair is actually one of the leading credit repair companies in Australia. We hold an open policy about our process and we answer our clients’ questions with full disclosure. Our passionate and experienced team offers our clients with a very high success rate and the highest chance of repairing their credit rating.