The short answer is Yes, with the right knowledge and tools an individual can attempt to repair their own credit file.
The key really is having the right tools and Knowledge at hand.
Much like a legal investigation the key is knowing what to look for and how to interact with credit providers and credit reporting agencies. As I have coved in previous blogs, credit providers and debt collection agencies must follow a strict process when entering a negative listing such as a payment default on a credit file, indentifying errors with this process is the key to effective credit repair, of course one must have a strong understanding of this process in order to identify possible errors.
While some credit repair companies guard this knowledge closely the truth is this information is available on the internet should someone wish to spend the time to look for it. I will say however that the right knowledge is only part of credit repair, like most thing experience is very important, it is this that most people lack.
Anyone that has looked at documents such as the Privacy Act, The Credit Reporting Code of Conduct or the National Consumer Credit Protection Act knows that these are large and complex and while there is relevant information contained within these documents it can be very challenging for people to know where to find it. Even if someone does find the information they need how do they then best apply it to solve their credit issues, this is were experience becomes so important.
This knowledge along with how to best apply it is what has created the credit repair industry in Australia. While it is true that most people given they had enough time and motivation could attempt to repair their own credit file the real question is would they want to given there are ethical and economical credit repair companies available.
I have heard the argument that credit repair companies are charging people for something they could do themselves, in some cases this may be true however can’t the same be said for mowing lawns, building a fence or in fact just about any other service ?
I am the first to admit that there are credit repair companies that in my option are not doing the right thing by their clients, however most if not all industries have a share or questionable practitioners; this in itself does not mean that all within the industry are somehow corrupt.
There are no guarantees with credit repair and people often only get one chance to get it right. Given I am sure everyone would like the best possible chance of success I feel the use of honest credit repair company is a viable option people should at least consider carefully when reviewing their options.
As the director of an active and successful credit repair company, Clean Credit Pty Ltd, I know the value we offer people and see how we change people’s lives in a positive way.