Credit repair: the ethical perspective

Is It Right to Remove a Contestable Credit Listing?

The credit reporting system has not been kind to the Australian consumer. In today’s tight financial market, even one small negative credit listing such as a payment default has the potential to affect someone’s ability to obtain credit for up to five years. At Clean Credit we do not believe this punishment suits the crime. We feel it is inappropriate for people to suffer for years at the hand of a faulty or incorrect credit listing.  After all, if you were in court being convicted of a crime you did not commit, you have the option to plead “not guilty”. Defending your rights with regards to an incorrect credit listing is no different.

The Ethical Perspective: Credit Providers

Is the negative listing inappropriate?

Some credit providers argue that the fact that someone has had a negative credit listing removed from their credit file does not give them the opportunity to apply the appropriate risk rating. We argue it is inappropriate to apply a risk rating due to a negative credit listing that should not have been made in the first place.

A credit report is an “allegation”

We offer our clients an alternative to “credit prison”. From an ethical perspective, a credit report is no more than an allegation. Most consumers never challenge that allegation and suffer unnecessarily for years as a result. By commissioning the services of Clean Credit, you engage our team of professionals to your defence; our clients essentially enter a plea of not guilty.

We defend the customer’s perspective

We will then take an affirmative defence and insist on the listing party’s substantiate their allegation.

With this approach, it is often apparent that the allegation is untenable and therefore must be removed from the credit file.

Credit bureaus capitalise on consumer data

We belong to a fundamentally capitalistic society and the credit bureaus capitalize on consumer information. Unlike our legal system, the credit reporting agencies take no oath to the truth, equity or the common good.

No person has a moral obligation to support any business venture, much less a publicly traded corporation, which may well severely influence his or her financial future. If the credit reporting agencies remove an accurate credit listing after a period of time (such as five years) for a payment default, why is it be wrong to do so in less time if the listing was found to be incorrect?

Credit reporting agencies do not concern themselves with the impact on consumers. Primarily their profit margins guide their judgment rather than consumer rights.

Credit history information often misrepresents the creditworthiness of the consumer. By labelling people inappropriately as not creditworthy, they damage everyone: creditors, the economy and most importantly the individual.

The ethical perspective is that laws are in place to protect your rights. The removal of a genuinely contestable credit item is without doubt, ethically sound.

If you have a negative listing on your credit file with a fault, then credit repair can help you. Don’t let that credit issue stop you getting ahead in life: now is the time to act. Take back control and call Clean Credit now!

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