Credit File & Report
The late listing of defaults
How can defaults be listed sometimes years after an account has fallen behind?
How can defaults be listed sometimes years after an account has fallen behind?
Clean Credit was recently featured on Channel 7’s Today Tonight; the topic was some of the proposed changes to credit reporting laws.Since this story went
Here are some of the most frequently asked questions regarding credit repair. Q. How does credit repair work? A. In the case of a default
While the credit repair industry is under siege from the media I wanted to share a story that shows what effective credit repair can do for people.
Various industry Ombudsman have expressed concern with the credit repair industry recently.
There has been plenty of press about the credit repair industry lately.
One of the primary aims of credit repair is to drive up a credit score.
Approximately half of the credit file repairs we conduct for our clients each year are court actions such as Writs and Court Judgments.
Presently the minimum amount a credit provider may list as a default is $100.00. When people become aware they have a default recorded on their
There seems to be a growing trend where credit providers are asking for payment to produce documents that relate to their clients affairs.
People we talk with often think that if a default is removed from their credit file they won’t need to pay an amount owed. I
With credit repair many of the credit listings we remove from our clients credit files are court actions such as Court Writs or Court
A credit listing downgrade is a term often used in credit repair. It relates to a credit listing being reduced in severity.
We often talk with people that have learned they have a default only after being declined for finance, until this time they were completely unaware they had a credit problem.
At Clean Credit we talk with many mortgage brokers we are fully aware of the problems with loan shortfalls, not being able consolidate a client’s finances can often spell disaster for a loan application and this can be very disappointing for both the client and broker alike.
We are often asked if paying an account or unpaid default will lead to the listing being removed from a credit file. From a purely
This is a question we are often asked. I can understand that from a consumer’s perspective it must seem confusing that information can differ between credit reporting agencies. After all, aren’t credit reporting agencies meant to only record accurate information?
We are often asked about the problems with Australia’s credit reporting platform and comment on how many incorrect or faulty credit listings there really are.
Clients often ask us about credit scores and what a credit score needs to be in order to secure finance. This is a difficult question as every credit provider has their own thoughts and policies with regard to lending guidelines.
Clean Credit has launched a debt negotiation service called Clean Credit Debt Resolutions
We were recently featured on channel seven’s Today Tonight; the topic was how credit applications can damage people’s credit files. Click here to view
There are over 14 million credit files in Australia and these contain over 3 million negative listings (Veda Advantage 2008).
It is common for people to approach us regarding credit repair with accounts that are overdue, the whole reason a default is listed is due to an account being behind. What many people don’t realize is in many cases these debts can be significantly reduced given the credit provider is approached in the correct way.
During the process of repairing credit files we are often become involved in negotiating debt for our clients.
While many people know that a payment default is listed in a credit report for a five year period, few know that a credit provider can record these events sometimes years after the account fell into arrears.
Removing a default can be all about talking to the right people.
It is widely accepted that the Australian credit reporting platform is far from perfect, in fact the CRAA (Credit Reference Association of Australia) has described credit reporting in Australia as the most restrictive in the western world. I for one would not argue with this view point.
Unfortunately like many industries credit repair has its fair share of questionable operators and as is often the way, the entire industry is often judged on the practices of a small group. The dishonest conduct exercised by some has caught the attention of the Australian Securities & Investment Commission ASIC and it would appear that regulation may not be far away.
At Clean Credit we see two common types of default listings appearing on our clients’ credit files. These are a ‘payment default’ and a ‘clearout’ or ‘serious credit infringement’. Here is some valuable information about what these listings mean.
Even though a negative credit listing should be removed from a credit report if it is found to be faulty or inaccurate regardless of whom the credit provider was the reality is the process of arranging the removal of a credit listing can be as much to do with who the credit provider is as facts surrounding how the listing was entered.
The Australian credit market is among the most interesting in the world as it remains among the most robust and active. While credit markets elsewhere in the globe dips into troubled territories, credit market in here have remained robust.
We are regularly contacted by mortgage brokers and other industry professionals regarding their client’s credit files. One thing we hear regularly is my client has no defaults or judgments but they have been refused finance, what’s going on?
For the consumer it is important note that not all credit repair companies are credited equal. Unfortunately, like most industries credit repair has its
How is it that a small blemish on an otherwise perfect credit report can have the same potential penalty as a serious default to a major bank?
In Australia, just like in most other nations, credit reporting is considered the primary method for credit worthiness assessment of individuals.
For a mortgage broker, there’s nothing more frustrating than spending time preparing and submitting an application, only for the lender to decline it due to a credit problem. What can often add insult to injury is learning the problem in question is something quite small – such as a paid default to a phone carrier – that could have even taken place years before.
To a mortgage professional there’s nothing more frustrating than spending time preparing and submitting an application on behalf of a client, only to find it’s declined due to a credit problem.What can often add insult to injury is learning that the credit problem in question is something as small as a paid default to a phone carrier, often an event that took place years prior. This situation can be very difficult for a client to grasp; after all, such a listing may not at all represent their current financial position or ability to service a loan.
A credit rating is number that is often referred to as a credit score. When reviewing a credit report many credit providers use this number as a way of determining whether they will approve an application.
Credit card fraud in Australia is continuously proliferating. It has grown more rapidly in the last 10 years. According to the Australian Crime Commission (ACC), skimming or counterfeiting of credit cards by unscrupulous parties cost Australians over $45 million annually. Thus, credit card scam is one of the most pressing issues that heighten alert among authorities and that worry most consumers across the country.
One in every six Australians has been a victim or knows someone who has been a victim of identity theft. This is the findings of an online research released by Di Marzio Research in July 2011, which polled 1,200 respondents. The survey would be among the information that would be used for the development of a proposed National Identity Security Strategy.
Problematic Credit Inquiries It is a little known fact that credit inquiries can lead to credit declines. Here’s why. You decide you would like a
The question “should I help my client restore their credit rating?” is a highly contested one. From a credit providers perspective these are understandable concerns as the removal of a negative credit listing could be viewed as an attempt to mask the applicant’s true financial position and not allow them to apply an appropriate risk rating.
Business owners can be practically venerable to problems with their credit files. Many industries such tradesmen rely on being able to get credit for materials quickly, without out this ability jobs cannot be secured and things come to a grinding halt.
