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. An individual’s credit file may have…Details
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. Did you improve your creditworthiness over…Details
Since March of this year, a new credit reporting system has been set in place by the Australian Government. This new system is known as the Comprehensive Credit Reporting system and it changes the manner in which lenders and financial organisations assess risks when acquiring new clients.Details
Try as you may, it is next to impossible to come up with any positive aspects of a bad credit rating. Once your credit score plummets below a certain threshold, you almost become an ‘outcast’ for lenders. Whether you approach a bank or a private lender, the chances of your credit application being approved are lowered and the interest you will pay is increased.Details
We are often asked if negative credit issues such as defaults can be removed on compassionate grounds.
This is an interesting question as you will no doubt get different answers depending on who you ask.
Before I start, I think it is important to note the view of the credit reporting agencies on this topic, such as Veda Advantage and Dun & Bradstreet.
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. However, there is a catch: having too many credit cards can become a significant problem, especially if due payments are not made on time. Also, the hassle of remembering different due dates for different credit card companies, along with the amount to be paid and the varying interest rates can be quite overwhelming. Many people may wonder, ‘what is the best credit card practice?Details
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. In Australia, a clean credit rating is now more important than ever. The financial system has undergone a transition where positive credit information will now be reported for each consumer. Previously, only negative items were reported. So now whenever your credit history will be screened, the credit rating would be analysed in light of both negative and positive items.Details
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.Details
The question of financial hardship often comes up when dealing with the removal of Defaults or Court Actions.
Let’s first cover what financial hardship actually means and how relates to credit repair. In today’s world it is common for people to have debts such as homes loans, vehicle finance, credit cards and personal loans. When credit is first approved by a credit provider a number of factors are taken into consideration including the applicants ability to service the debt.Details