Tag: defaults

does buy now pay later affect credit score?
Credit Rating & Score
Jack Richings

CommBank & Klarna: Shop-now-pay-later can affect your credit score

Online shopping has taken over in the past decade as more and more people escape onto the internet for their everyday shopping needs. You can have everything delivered to you at the click of a button, from the comfort of your couch. This is even easier now that Commonwealth Bank has partnered up with Klarna. But does Shop Now Pay Later Affect your Credit Score? It makes shopping more exciting but comes with risk

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Student Spending Tips
Tips
Diane Challis

Student Guide: Money Saving Tips To Improve My Credit File

There are three major reasons why a person’s credit score goes down. Having too much debt, not paying bills on time and leaving errors on the credit file undisputed. The bottom line is, you’re overcharging your credit accounts and underpaying them. If money is the issue—then, it’s time to do some saving up.

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Credit Repair - Another Perspective
Credit Restoration
Diane Challis

Credit Repair – Another Perspective

I recently read an article about how the Australian Retail Credit Association (ARCA) had launched a fact sheet on how people could repair their own credit files if they felt an incorrect or contestable listing has been made against them. As the director of a credit repair company, the only thought I had while reading this information was “if only it was that simple”.

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How to Clear my Debt as Soon as Possible
Credit File & Report
Diane Challis

How to Clear my Debt as Soon as Possible

I often say this to myself, “I want to clear my debt” but I noticed that I find myself borrowing again just to be able to pay my existing loans. I’ve been thinking about how I can clear my debt as soon as possible.

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Budgeting Tips for Social Outings
Credit Rating & Score
Diane Challis

Budgeting Tips for Social Outings

Going out often can drain your wallet. If you are trying to save up for a down payment on a home, pay off mounting debt or just so you can put more cash in to your savings account, it can be a daily struggle. Being a social person can cost a lot

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There have been a lot of changes to credit reporting over the last 18 months. While many of these changes have been welcomed
Credit File & Report
Diane Challis

Can Repayment Information Affect My Credit File?

There have been a lot of changes to credit reporting over the last 18 months. While many of these changes have been welcomed, one has remained a point of controversy and is the subject of much talk and misunderstanding. That is the recording of loan repayment histories on credit files.

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Get Your Budget Under Control to Stop Credit Defaults
Credit Rating & Score
Diane Challis

Get Your Budget Under Control to Stop Credit Defaults

Getting carried away over the Christmas period is common with many people spending more than they had expected to. Christmas debts combined with the usual household expenses can make managing finances tough and left unchecked can even lead to a damaged credit file.

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Regular Checks On Your Credit Report Can Help You Save Money
Credit File & Report
Diane Challis

Regularly Check Your Credit Report To Save Money

Despite how important an individual’s credit report may be, the majority of Australians have never checked their report. Not knowing what your credit report holds can lead to paying higher interest rates on credit cards and loan accounts, and can impede your chances of getting an affordable home loan.

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What should my credit score be ?
Credit Rating & Score
Diane Challis

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.

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What Is Credit Repair?
Credit File & Report
Diane Challis

What Is Credit Repair?

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

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Debt Negotiation And Credit Repair.
Credit File & Report
Diane Challis

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.

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Negotiating Debt
Credit Restoration
Diane Challis

Negotiating Debt

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

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Statutes Of Limitations And Credit Repair
Credit File & Report
Diane Challis

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.

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

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.

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Credit Repair
Credit File & Report
Diane Challis

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.

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

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.

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Does It Matter Who The Credit Was That Listed The Default ?
Credit File & Report
Diane Challis

Does It Matter Who The Credit Was That Listed The Default ?

Even though a negative credit listing should be removed from a credit report if it is found to be faulty or inaccurate regardless of whom the credit provider was the reality is the process of arranging the removal of a credit listing can be as much to do with who the credit provider is as facts surrounding how the listing was entered.

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The Australian Credit Markets
Credit File & Report
Diane Challis

The Australian Credit Markets

The Australian credit market is among the most interesting in the world as it remains among the most robust and active. While credit markets elsewhere in the globe dips into troubled territories, credit market in here have remained robust.

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No Defaults No Problems
Credit File & Report
Diane Challis

No Defaults No Problems, Think Again

We are regularly contacted by mortgage brokers and other industry professionals regarding their client’s credit files.  One thing we hear regularly is my client has no defaults or judgments but they have been refused finance, what’s going on?

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Credit Scoring - A Mortgage Brokers Point Of View
Credit Rating & Score
Diane Challis

Credit Scoring – A Mortgage Brokers Point Of View

For a mortgage broker, there’s nothing more frustrating than spending time preparing and submitting an application, only for the lender to decline it due to a credit problem. What can often add insult to injury is learning the problem in question is something quite small – such as a paid default to a phone carrier – that could have even taken place years before.

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Credit Rating & Score
Diane Challis

The inconvenient truth about credit scoring

To a mortgage professional there’s nothing more frustrating than spending time preparing and submitting an application on behalf of a client, only to find it’s declined due to a credit problem.What can often add insult to injury is learning that the credit problem in question is something as small as a paid default to a phone carrier, often an event that took place years prior.  This situation can be very difficult for a client to grasp; after all, such a listing may not at all represent their current financial position or ability to service a loan.

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What Is A Credit Rating?
Credit Rating & Score
Diane Challis

What Is A Credit Rating?

A credit rating is number that is often referred to as a credit score.  When reviewing a credit report many credit providers use this number as a way of determining whether they will approve an application.

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Credit Card Fraud in Australia
Latest News
Diane Challis

Credit Card Fraud in Australia

Credit card fraud in Australia is continuously proliferating. It has grown more rapidly in the last 10 years. According to the Australian Crime Commission (ACC), skimming or counterfeiting of credit cards by unscrupulous parties cost Australians over $45 million annually. Thus, credit card scam is one of the most pressing issues that heighten alert among authorities and that worry most consumers across the country.

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Identity Theft in Australia
Latest News
Diane Challis

Identity Theft in Australia

One in every six Australians has been a victim or knows someone who has been a victim of identity theft. This is the findings of an online research released by Di Marzio Research in July 2011, which polled 1,200 respondents. The survey would be among the information that would be used for the development of a proposed National Identity Security Strategy.

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Credit Repair
Diane Challis

Is it Ethical to Remove a Negative Credit Listing?

The question “should I help my client restore their credit rating?” is a highly contested one. From a credit providers perspective these are understandable concerns as the removal of a negative credit listing could be viewed as an attempt to mask the applicant’s true financial position and not allow them to apply an appropriate risk rating. 

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Good News For Business Owners
Latest News
Diane Challis

Good News For Business Owners

Business owners can be practically venerable to problems with their credit files. Many industries such tradesmen rely on being able to get credit for materials quickly, without out this ability jobs cannot be secured and things come to a grinding halt.

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