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In the fast-paced and chaotic world of loans, debts, and all things finance, one's credit rating can be the difference between a successful life and an abject failure. As they say, a healthy bank balance is the key to a good life. Here, we'll discuss some of the finer aspects of what credit means, how it is measured, how bad credit comes about, and the means with which to fix bad credit.

Fix Bad Credit with experienced credit file consultantsFirst of all, let's understand your credit rating. Simply put, a credit rating is the confidence lenders and financial institutions have in you to repay any loans or finances they give you. Your credit rating ultimately decides whether you get that home or car loan, the conditions in which you procure your loan, and the kind of options you get while choosing lenders and banks. In a sense, it is the most essential factor when it comes to any major financial decision you'll take in life. So, you can imagine how a bad credit can ruin your financial prospects.

Credit rating agencies decide what your credit rating will be. There are three major credit rating agencies in Australia, each with their own set of permutations and combinations to decide what constitutes good or bad credit. Veda Advantage is one of them, and you'll be hearing that name a lot if you decide to fix bad credit.
There are several elements that go into how one's credit rating is measured. An average credit rating in Australia hovers around 750. It is important to understand that the main aspect that credit ratings agencies, and banking institutions that consider your loan application, will be looking for are indicators of stability.

A stable job, a home owned under one's name, fixed assets such as property and vehicles, a married life, kids who have grown up and are on their own - all these are good indicators of stability. These show the banks and lenders that you can be counted upon to pay up when the time comes. On the other hand, someone who changes jobs too frequently, or is living in a rented apartment as a bachelor is less likely to bag that loan application.

Credit ratings agencies have their own "cut off scores" to determine what validates good or bad credit. Therefore, if you're not an authority on credit repair, it can be quite daunting to know whether you've made the cut or not. It is, therefore, a good idea to get your credit report from ratings agencies such as Veda Advantage, and study it thoroughly to know your credit score. A score significantly above the 750 mark will tell you that you're a good bet for banks, and likely to get your finance. It's important to have some idea of where you stand in the financial scheme of things via your credit report and score, since a rejected loan application from the bank decreases your chances of securing one a second time, from any lender. Rejected loan applications, loan defaults, bankruptcies, credit judgements, etc. count as extremely negative factors on a credit report, and should be avoided at all costs.

In essence, all credit ratings can be broken down into five major categories:

  • Payment History
  • Credit Utilization
  • Types of Credit
  • Length of Credit History
  • Credit Inquiries

Now that you have a fair idea as to how credit is measured, let's talk about some of the events in which you'll need a good credit rating. Aside from the fact that it's a good indicator of your financial health, and its usefulness in securing loan and mortgage applications, there are other reasons to keep a good credit score based on a faultless credit report. Firstly, several employers in Australia nowadays make it a point to check your credit report and evaluate your credit score based on their own analysis. This could mean the difference between getting your dream job or not. Although you may think that you'll never need to borrow money in large amounts, it never hurts to be in a good position to do so, with the help of a good credit rating. Several mishaps can also be weathered with a good credit score. For instance, if due to an emergency, you're unable to pay the mortgage on your house, you can be assured that due to your excellent credit record, the bank is more likely to give favourable consideration to alternative repayment options in the short term.

Shopping-Centre-Credit-Card-ATMsNow, where do the professionals come in? Well, the issue is, your credit report can be riddled with errors at the worst of times, and moderately misleading at the best - to your loss. There can be filing errors in your report, judgements that went against your favor but might be able to be rectified, loan defaults that aren't yours, delays recorded that don't exist, and simple typographical errors that cost you several points of credit score for no fault of yours. Ratings agencies and financial institutions, especially individual lenders and smaller banks, are not likely to be extremely vigilant while filing your credit report listings. This can result in a very disadvantageous position for you, and should be rectified with the right kind of assistance.

Credit repair clinics such as ours do the necessary tasks. We are confident in our ability to fix negative credit to the extent that if we don't boost up your credit score, we do not accept payment from you. But when it comes to the nitty-gritties of credit ratings and how to get banks to consider you a solid bet, credit repair clinics are experts who know just how to elevate your financial stature. From fixing bad judgements to consulting with a number of vendors and banks to remove errors - both minor and major - from your credit report, credit repair clinics will do whatever it takes to fix bad credit and make your credit score into a high category investment for lenders.

Combing through your report, we look for specific negative listings such as serious credit infringements, writs and summons, overdue account defaults, and court judgements. These, along with bankruptcies and loan defaults are some of the major stains that could taint your credit rating for a prolonged period of time. However, with due consultation with you, and keeping you in the loop throughout the process, credit repair clinics such as ours go through a comprehensive analysis and formulate a strategy to remove, where possible, negative listings from your credit report and make your finance case more appealing to the banks and lenders. It's important to remember that some elements on your credit report will take longer to fix than others. Moreover, accurate negative information on your credit reports will take much longer to while away. However, in the case of inaccurate bad credit, you'll see changes on a much shorter time.

Credit reporting agencies are bound to respond to any credit-oriented disputes within 30 days of the application being filed. According to a Federal Trade Commission survey in 2012, over 79% of the people who disputed an error on their credit reports had the errors rectified, giving them a big bump on their credit scores.
We go on a precision-based analysis of the major credit score killers on your report as a first step to repair negative credit. We take care of the most important factors first, such as your payment history, which accounts for 35% of your credit rating. One successful dispute on a delayed payment listing can give your credit score a significant boost. Next, we assess your credit utilization. This includes your credit cards, home equity, lines on credit and such. Ensuring that you stay well within the spending limits of these lines of credit is an important way of convincing regulation agencies that you are a creditworthy individual.

Mastercard/Visa card credit repair consultantsHowever, some factor cannot be "fixed" or resolved, really. The age of your credit accounts, for instance, is only a matter of time, and cannot be fixed in any way. If your oldest account is from five years ago, or you've opened and closed accounts numerous times, there is not much anyone can do except give the matter time and stability.
Next, we look at the types of credit you have accumulated, which account for 10% of your total credit rating. These are of two major types: installment accounts (home loans, car loans, student loans, and mortgages), and revolving accounts (credit cards, lines of credit). It is essential to note that most banks and lenders will consider you a safe investment if you've proven capable of handling both kinds of credit responsibly. Therefore, if you have installment accounts but no credit cards of lines of credit, having a new credit card issued will give your credit score a boost. However, it is never a good idea to take on a loan under an installment account just for the sake of increasing your credit score.

Finally, your credit application or inquiry history will also create a bump on your credit scores, although not significantly. Credit inquiry history also accounts for 10% of your credit rating, and denotes the number of times you have applied for credit. If you have recently applied for multiple credit accounts, your credit ratings are going to suffer. However, the good news is that this particular element only lasts for one year in terms of hurting your credit scores, and can be resolved within a reasonable period of time. 

We'll provide you with a number of ways to start improving your credit history over the short, medium, and long term. For instance, obtaining, and properly managing, a credit card, if you don't have a credit card already, can give you a significant measure of control over your credit score. Other means include consolidating all your premiums and debts under one debt consolidation loan, and start paying it immediately and regularly. This is reflected as a major example of stability and responsibility in the financial institution's view.

It's amazing how many people tend to ignore credit ratings and not bother checking their own credit reports. Credit reports are available free of cost, and should be perused at least once every year. This will be one of the most beneficial moves towards creating a sound financial clout for yourself, build your credit history into one that exudes confidence, and no hesitation towards procuring all sorts of credit finance as you move forward from one phase to the next in life.