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How long does it take to fix credit

Hey everyone, Victoria here, CEO and founder of Credit Fix Solutions with another success story for client ID 6363 today.

Now Sam as we’ll call him in confidence, was a previous client of ours and I had already fixed up his credit report a couple of years ago, but unfortunately hard times hit again and he had a new court action listed on his credit report.

Now, a court action is a bit like a default. So if you can’t pay your credit cards, you fall severely into arrears.

A bank or lender can list a default against you and it’s on there for five years. With a court action, it’s usually where it’s a worker’s compensation matter or we’ve simply not been able to pay our rates.

For workers comp and councils, for example, they are not credit providers, so they can’t list us in default. But what they can do is they can draft up a statement of claim that gest posted off to your last known address that they have on file. And if they don’t hear back from you, they then enter, or can enter a judgment against you or your company, if you’re a company owner.

Now, removing these is not a fast or quick process. It does involve signing orders and then you have to go back and lodge all of that at the court where the statement of claim was entered.

So this whole journey is going to be around six to eight weeks. You can get lucky if the solicitor on the other side will help you once the debt’s paid to have it removed, but you still need those orders drafted properly and sent back to court.

All parties have to sign and then that decision has to be sent back to Equifax, Illion, wherever the judgment is sitting to have it removed. So it’s a six to eight week process.

Anyway, I explained this to Sam, he said ‘No, no that’s fine. I’m going to have to wait. I can’t get my finance done with the court action on there.’ It was a $20,552 court action listed in March 2023.

We are now sitting in July 2023. So you can imagine that for five years moving forward from now, Sam was going to be affected by the court action, and he told us that he wouldn’t be able to get, you know, business finance, that he needed.

If he wanted to go on holiday, he wouldn’t be able to get a personal loan, as per the financial advice that he had received. So that was really going to make him suffer for five years.

Anyway, we did remove it. He paid us once we removed it, and that’s really, really key with credit repair companies is don’t pay anything upfront. Even if they say it’s refundable, don’t believe them. I’ve seen it with my own eyes.

People giving away their money, their hard-earned money and they are never seeing it again! And then being too stressed six months later to even bother chasing it.

Do NOT pay anything upfront, even if it is advised to be refundable. Use a credit repair company that ONLY charges if and when they can get a successful result.

We are NOT always going to say yes to you because I can’t do work that costs me money. And it might be something that you can do yourself for free.

So please get in touch if you’ve got any issues with your credit reports, if you just want some education. That’s what we’re here for at Credit Fix Solutions.

Get in touch and have a great day! Thanks for watching!! This is not deemed financial advice. If you are currently in financial hardship we cannot assist you.

Please go to moneysmart for finance tips and you can call the National Debt Helpline on 1800 007 007 www.creditfixsolutions.com.au #creditrepair

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