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Are you looking to explore the complexities of credit repair and default removal? This video provides expert insights from our CEO Victoria Coster FCES into key case studies that tackle common challenges faced in the credit world. Understanding of managing repayment history, removing credit inquiries, and handling default issues, whether due to unpaid debt or discrepancies across credit reports.

Can I change repayment history information?
Repayment history information (RHI) records your past two years of repayments. It’s difficult to alter, as it’s intended to reflect accurate credit behavior. Errors in reporting might be corrected if documentation supports that the lender made a mistake, but accurate records usually cannot be changed. Credit repair often focuses on correcting inaccuracies rather than altering correct information.

Can enquiries be removed?
Credit inquiries (or enquiries) are recorded when you apply for credit. Generally, inquiries cannot be removed unless they were recorded incorrectly or fraudulently. A reputable credit repair agency will help identify and dispute these errors through documentation if removal is justified.

Isn’t it easy to remove a small electricity default?
While it may seem straightforward, removing any default requires proving it was recorded in error or that the account was settled under exceptional circumstances. Otherwise, small or large, defaults remain on credit reports for up to five years. Successful removal hinges on strong evidence, like incorrect billing or settlement agreements.

I haven’t paid the debt, can the default be removed?
Not paying a debt makes default removal challenging. Defaults can only be removed if they’re proven inaccurate or unjustified. Even if you haven’t paid, a settlement with the creditor might help update the record as “paid,” but the default itself generally remains unless disputed and proven erroneous.

Complex scenario study (different negative data across multiple reports for the same client):
When negative data varies across multiple reports, it’s often due to reporting discrepancies between different credit bureaus. Disputing such data requires thorough documentation, tracking errors, and addressing each bureau separately. Correcting this scenario can be intricate, requiring professional credit repair assistance to align the data consistently and accurately.

Reach out to us at the Credit Fix Solutions team if you need more further information.
***This is for informational purposes only and is not deemed financial advice. For finance tips please visit www.moneysmart.gov.au