The Concerns About The Credit Repair Industry.
There has been plenty of press about the credit repair industry lately.
There has been plenty of press about the credit repair industry lately.
Approximately half of the credit file repairs we conduct for our clients each year are court actions such as Writs and Court Judgments.
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.
Clean Credit has launched a debt negotiation service called Clean Credit Debt Resolutions
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.
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?
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.
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.