Frequently Asked Questions
WHAT IS A CREDIT FILE?
A credit file is information about and individual or organization that is relevant to a credit provider or trade lender in determining if that individual or organization is credit worthy. Not every person has a credit file. If you have applied for finance in the last 5 Years you are more likely than not to have one. You will also have a credit file if you have applied for services such as telephone, gas or electricity.
HOW LONG IS INFORMATION HELD ON A CREDIT FILE?
- 10 Years External Administration & Previous Directorships.
- 7 Years Bankruptcy, Part 9 Debt Agreements & Clear- out(Serious credit infringement).
- 5 Years Payment Defaults, Court Judgments & Credit Enquiries.
- 4 Years Court Writs & Summons.
HOW DO I GET A COPY OF MY CREDIT REPORT?
The Privacy Act 1988 (Commonwealth), provides that everybody is entailed to a copy of their credit file. This may be obtained by contacting Veda Advantage who a the largest credit reporting agency in Australia. It should be noted Veda charge a small fee should the report be required immediately or for free if you can wait (10) working days. We do not order a credit report on your behalf as we do not wish to list an enquiry on your credit report.
WHO ARE THE MAIN CREDIT REPORTING AGENCIES IN AUSTRALIA?
There are two (2):
- Veda Advantage.
- Dunn & Bradstreet.
HOW MUCH DOES IT COST TO REPAIR MY CREDIT FILE?
Cheaper than you think. We charge "NO UP FRONT FEE" and we charge all of our fees on a "NO WIN NO FEE" basis. That's right; if we do not improve your situation we do not charge a fee. It is our belief that you should not be charged if we cannot guarantee an improvement in your financial security. So if we're unable to restore your credit score to a high standard, there's no need for you to be paying us.
Speak with us today about how we can improve your life by restoring your credit worthiness.
ARE CREDIT REPAIR COMPANIES TRUSTWORTHY?
In some cases no. Some credit repair or credit restoration companies offer credit repair services without having formal qualifications or specific training in this complex field. Our team of specialist professional are highly trained, which gives you the best chance of achieving a clean credit file. We are open about our dealings and keep you informed about our methodology, and actions taken on your behalf, along every step of the way. If there's any action on our part that you're uncomfortable with, we believe in resolving it through open discussion. Most importantly, we take full accountability for our processes and their consequences.
WHAT TYPE OF LISTINGS APPEAR ON A CREDIT FILE?
- Cross references
- Bankruptcy's & Part 9 Debt Agreements
- Credit enquiries
- Previous directorships
- Serious credit infringements
For consumer credit, it is essential to remain aware of the fact that only credit providers and credit reporting agencies such as Veda Advantage can access your credit file. Other consumers are not allowed to know the status of your credit score and credit history.
WHAT CAN BE IMPROVED ON A CREDIT FILE?
Only disputable, incorrect or inaccurate listings may be disputed, therefore improving your credit file. Please note any and all listings which relate to bankruptcy are not removable. However, apart from bankruptcies, all your defaults, judgements, credit infringements and repayment records can be repaired by a credit repair firm.
With the amount of statistical inaccuracy prevalent in credit files, a credit repair organization can effectively bolster your credit file, allowing you loan options at much more favourable rates of interest.
HOW LONG DOES IT TAKE TO REPAIR A CREDIT FILE?
Each case is different. However, we aim to improve your credit file within (30) days. In most cases this is achievable. Some complicated cases do require extra attention and a protracted duration in order to process the errors and correct them adequately. However, even seriously disputed cases are sought to be resolved within a 30 day period.
CAN I REPAIR MY OWN CREDIT FILE?
Yes you can. However firms like the Credit Repair Clinic specialize in this complex field, and as such may achieve results for you in a quicker more time efficient manner. The complex world of credit reporting and monitoring, with specific equations devised by banks, makes it challenging for a consumer to understand just where he's going wrong. This is where Credit Repair Clinic steps in, providing customized solutions to improve the customer's credit score effectively.
WHAT ARE THE BENEFITS OF IMPROVING MY CREDIT FILE?
- Borrowing money at a competitive rate of interest.
- Being able to open trade accounts.
- Having your credit report reflect your true credit position.
- Not having to apply for bad credit or non conforming loans.
- Not having to offer explanations as to why defaults or judgments appear on your credit report.
Having a favourable line of credit is one of the most essential things in today's scenario. A good credit score can go a long way in granting you peace of mind whilst dealing with financial obligations and commercial ambitions.
WHAT DO I DO IF I HAVE QUESTIONS?
Simply give us a call for a no obligation confidential chat.
Make an online express enquiry now or contact us for a no obligation chat.
Call us on (02) 8677 7299.
Author: Mary Trimarchi