How Does Credit Repair Work in Australia?
Credit repair might sound like a magical solution to fix all your financial problems, but in reality, it’s a process that requires a bit of know-how and patience.
In Australia, credit repair is a systematic approach to improving your creditworthiness and fixing any inaccuracies or negative items on your credit report.
So, let’s embark on a journey to demystify the world of credit repair and discover how it works down under!
Understanding the Credit Repair Process
The first step in credit repair is obtaining a copy of your credit report.
In Australia, credit reporting agencies such as Equifax, Experian, and Illion collect and maintain credit information about individuals.
You are entitled to a free copy of your credit report each year, which you can request online or by mail.
Once you have your credit report, it’s time to review it thoroughly.
Look out for any errors, incorrect information, or unfair negative listings that could be dragging down your credit score.
Common issues include incorrect personal details, duplicate entries, or defaults that you believe are inaccurate or unfair.
Disputing Errors and Inaccuracies
If you spot any errors or inaccuracies on your credit report, it’s crucial to take action.
You can contact the credit reporting agency and the credit provider responsible for the incorrect listing to dispute it.
Provide them with any evidence you have that supports your claim, such as payment receipts or correspondence.
The credit reporting agency must investigate your dispute within a reasonable time frame, usually 30 days.
If they find that the information is incorrect or cannot be substantiated, they are obligated to amend or remove it from your credit report.
It’s essential to keep copies of all your correspondence and follow up if necessary.
If you don’t want to try to fix your credit report yourself, that’s fine!
That’s what Credit Fix Solutions is here for, and we’ve been here for thousands of Aussies since 2014.
What we offer:
- Free Consultations over the phone and email
- Free advice on how to fix simple things yourself
- Upfront quotes if we think that we can help fix / improve your credit report
All you need to do is complete the contact card on the home page here
Watch our videos via our YouTube channel as well! Our CEO has created some fantastic content over the years!
Click the image below to get through to our most recent video on YouTube:
*If you are currently experiencing financial difficulties, we cannot assist you. Please call the National Debt Helpline on 1800 007 007 or go to www.moneysmart.gov.au for finance and budgeting tips