Christmas can be an expensive time of the year and it’s all too easy to spend more than you planned to. Many people start the New Year with bills they are unable to pay and this reality quickly replaces the joy of Christmas with a feeling of worry and regret.
There are a number of aspects that can negatively affect your credit score, including being late on repayments, having too many enquiries in a short period of time, and carrying too much credit card debt.
We often talk with people that have had a negative credit listing recorded on their credit file due to a change of address.
There have been a number of changes to credit reporting legislation recently. Many of these changes are in my opinion positive and were well overdue. For the most part they have been welcomed by credit providers and the general public but having said this, change is never easy and reform with credit reporting has generated its fair share of uncertainly and controversy.
There is no doubt the credit repair industry is well overdue for reform.
There have been some recent developments with the Credit Ombudsman and the credit repair industry. The Credit Ombudsman has recently indicated they may consider not
It has now been a number of months since Veda Advantage implemented changes to credit reporting, the question is are these changes proving to be positive?
Improving your credit score has tremendous implications for all areas of your life. A poor credit score can lower your chances of obtaining finance, but remember that this is not a dead end situation.
A credit file is simply an elaborate history of the money an individual has borrowed, the credit used and also whether that individual has cleared debts and made bill repayments within the allotted time.
Many people may wonder, “how important is my credit file?” Your credit file is among the first documents that most lender goes through before approving loans or credit. Your credit file will contain your credit score.
The end of the financial year in Australia is almost upon us. As another year winds down and comes to a close, it’s a good time to reflect on the past 12 months of your finances.
We are often asked if negative credit issues such as defaults can be removed on compassionate grounds.
Credit cards have become more of a necessity than a luxury today for many Australians. They can be used for nearly all financial transactions and can help you build your credit rating, which can improve your chances of being approved for loans.
A clean credit rating is what every earning person desires. Being able to spend the money you make while obtaining easy credit allows you to enjoy life the way you want
It never fails to surprise me how unreasonable some credit providers can be when a client is experiencing financial hardship. What is very disappointing is how many people end up with negative credit listing such as payment default when they have already told the credit provider they are having financial trouble.
The question of financial hardship often comes up when dealing with the removal of Defaults or Court Actions.
There has been significant changes to the laws surrounding financial hardship over the past twelve months. These laws talk about a credit providers legal obligation to assist a client that is experiencing financial difficulties.
There has been many changes to the credit reporting platform recently. One of a largest being the provision for a lot more information to be contained in a person’s credit file. Prior to these changes a credit file had little information for a credit provider to base a decision on if to approve or decline an application.
I am happy to announce there has been a rethink on the recording of late payments on a credit file. As you may be aware, there has been significant changes to Australia’s credit reporting platform recently.
The new credit reporting laws are set to take affect this month. There are a number of changes taking place however none more controversial that the ability for a credit provider to record a late payment on a person’s credit file if an account is as little as five days overdue.
Is Positive Credit Reporting Really Positive? This is a hotly debated question. Will the changes to credit reporting be a good thing or a bad thing for consumers?
Have you ever wondered if you could fix your credit file?
Many people who have problems with their credit file don’t know where to turn or where to get help.
There seems to be a lot of people making claims about the credit repair industry lately. Various government bodies such as the Australian Securities and Investment Commission are looking very closely at credit repair companies and it would seem only a matter of time until the industry becomes regulated.
Effective credit repair is often all about identifying faults and errors with the process a credit provider followed prior to listing a negative credit listing such as a payment default. The key is understanding the laws around credit reporting and comparing the process a credit provider followed with what they were legally required to do.
We often talk with clients that have unpaid default listed on their credit file that think if they pay the account the listing will be removed.
In many of these cases it is alarming how much unsecured debt some people have and how the payments on these debts often are well in excess of their income. While it is true that people need to be responsible for their own actions, I feel how this debt was originally approved also needs to be considered.
One the most important documents when researching a default listing is the demand notice. A credit provider must provide a correctly structured demand notice to the borrower prior to listing a negative credit listing with a credit reporting agency.
I recently read an article suggesting that credit repair should only be conducted by a legal firm.
One of the first steps in helping people to restore their credit ratings is to conduct an investigation into the process the credit provider followed prior to listing the default. There is much a credit provider must comply with before they are legally able to enter a default against someone.
Always communicate with the credit provider. If you have fallen on hard times and are struggling to manage all your bills – call the credit provider and explain the situation.
You are no doubt aware that Equifax is now including credit scores for consumers; this information was previously only available to credit providers.
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.
