Credit Repair Frequently Asked Questions

• How have Clean Credit's services changed during the coronavirus/COVID-19 crisis?

  We are here for Australians in this time, as much as ever, to get your credit rating in the best possible shape. Our hours and service have not changed. Remember, we are all in this together.

  As far as our day to day operations, our expert specialised team, for the health and wellbeing of staff and the community, is working remotely from home. We are all connected to our secure, central server which is located in our main office. Rest assured, your information is stored safely and securely on this protected server.

  Each team member has been equipped with a workstation and telephone in their home, just as they would in the main office so that they are able to attend to your file during this current health and financial crisis.

  If you are having issues with getting loan or finance approved, we strongly recommend reaching out to us, to repair your file. If you are planning to apply for finance, its a good time to get things in order . During challenging times, you need financial flexibility and a clean credit report offers more choices, in terms of choice of lender and interest rates.

• What is credit repair and why do I need it now?

  Credit repair is the process of improving an individual’s credit report. This can be accomplished through removing or changing adverse listings from the individual’s file. When you have a better score, you are a more attractive candidate for lenders and more likely to be approved for a loan or finance. 

  During times of financial uncertainty, such as the current COVID19 pandemic, it is very important to get your credit rating in good order so that if you need to borrow to get you and your family through tough times ahead, you have financial options.

  The last thing you need during a crisis is a poor track record, which would limit your ability to apply for finance when you need it most.

• Will paying my overdue account or bill remove the default?

  Paying an overdue account will not remove the default. Once a listing is made it will be recorded on your file for years. Even if you pay the debt, the listing will remain on your file. Whilst it is important to keep track of any debt, from a rating perspective the issue is not always resolved once the debt is paid.

• How long does a default stay on my credit file?

  A default will stay on your file for 5 years. This default will remain on your credit file if your payment of $150 or more is overdue by 60 days or more. 

  Generally speaking, paying or settling a default won’t remove that default, but your file should be updated to reflect the fact that you have paid it.

• How long is information stored on my credit file?

  • Court judgments and credit enquiries will remain on your credit file for 5 years.

  • Court writs and summons stay on your credit file for 4 years.

  • Bankruptcy, Part 9 Debt Agreements, and Clearouts are kept on your credit file for 7 years.

  • External administration & previous directorships remain for 10 years.