Category: Uncategorised

High Credit Card Debt Means Credit Scores Suffer!
Credit Restoration

High Credit Card Debt Means Credit Scores Suffer!

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.

Can I Still Fix My Credit File?
Credit File & Report

Can I Still Fix My Credit File?

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.

Are The New Credit Reporting Laws Working?
Credit File & Report

Are The Credit Reporting Laws Working?

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?

Credit Repair and Credit Reporting Agencies
Credit File & Report

Credit Repair and Credit Reporting Agencies

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.

My Credit File: A Life-Long Investment
Credit File & Report

My Credit File: A Life-Long Investment

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.

Managing Your Credit Cards: Just How Many Is Too Many?
Credit Restoration

Managing Your Credit Cards: Just How Many Is Too Many?

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.

How a Clean Credit Rating Pays Off
Credit Rating & Score

How a Clean Credit Rating Pays Off

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

Credit Providers Not Helping Their Clients
Latest News

Credit Providers Not Helping Their Clients

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.

Financial Hardship and Credit Repair
Credit Restoration

Financial Hardship and Credit Repair

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.

Will All Credit Providers Get Benefit From The New Credit Reporting Changes ?
Credit File & Report

Will All Credit Providers Get Benefit From The New Credit Reporting Changes ?

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.

A Rethink On The Recording Of Late Payments.
Credit File & Report

A Rethink On The Recording Of Late Payments.

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.

Can Late Payments Lead To Credit Declines?
Credit Rating & Score

Can Late Payments Lead To Credit Declines?

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.

The Truth About Credit Repair.
Credit Restoration

The Truth About Credit Repair.

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
Credit Restoration

Effective Credit Repair

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.

Responsible lending and credit repair
Credit Restoration

Responsible Lending And Credit Repair

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.

The Importance of Demand Notices.
Credit File & Report

The Importance of Demand Notices.

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.

Credit providers charging for production documents
Latest News

Credit providers charging for production documents.

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.

Tips to avoid credit file issues in the future
Credit File & Report

Tips to avoid credit file issues in the future

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.

Making sense of credit scoring.
Credit Rating & Score

Making sense of credit scoring.

You are no doubt aware that Equifax is now including credit scores for consumers; this information was previously only available to credit providers.

Unfair Changes In New Credit Regime
Latest News

Unfair Changes In New Credit Regime

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

Credit Repair Q & A
Credit Restoration

Credit Repair Q & A

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

Credit repair can change lives
Credit Restoration

Credit repair can change lives

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.

Court Judgments and Credit Repair
Latest News

Court Judgments and Credit Repair

Approximately half of the credit file repairs we conduct for our clients each year are court actions such as Writs and Court Judgments.

A life vest for loan shortfalls.
Latest News

A life vest for loan shortfalls.

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.  

Why Can Information Differ Between Credit Reporting Agencies
Credit File & Report

Why Can Information Differ Between Credit Reporting Agencies

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?

What should my credit score be ?
Credit Rating & Score

What should my credit score be ?

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.

What Is Credit Repair?
Credit File & Report

What Is Credit Repair?

There are over 14 million credit files in Australia and these contain over 3 million negative listings (Veda Advantage 2008).

Debt Negotiation And Credit Repair.
Credit File & Report

Debt Negotiation And Credit Repair.

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.

Negotiating Debt
Credit Restoration

Negotiating Debt

During the process of repairing credit files we are often become involved in negotiating debt for our clients.

Statutes Of Limitations And Credit Repair
Credit File & Report

Statutes Of Limitations And Credit Repair

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.

Credit Reporting Reform; Good News May Not Be Far Away!
Latest News

Credit Reporting Reform; Good News May Not Be Far Away!

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.

Credit Repair
Credit File & Report

Credit Repair, Reform Is On The Way.

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.

What Types of Default Listings are There?
Credit File & Report

What Types of Default Listings are There?

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.