Repairing Your Credit Australia Wide
No Win - No Fee Pay Nothing Upfront!
Our Services Include:
- Credit defaults Removed
- Clear outs Removed
- Court Judgements Removed
- Mistaken entries Removed
What Are The Benefits of Credit Repair:
- Gain the finance approval you deserve
- Reduce your monthly repayments
- No need to offer excuses as to why your credit history is bad
- Our No Win No Pay policy guarantees you have nothing to lose
Call (02) 8677 7299 Now
That's right if we are unable to remove a listing from your credit file or if we fail to improve your situation we do not charge a fee.
Plus, you have nothing to pay up front. Our success is directly linked to the improvement of your credit file. we provide you with the confidence in dealing with an organization that is reputable. You have nothing to lose so repair your credit file and stop being rejected for finance...
Call (02) 8677 7299 for a friendly and confidential chat.
Author: Mary Trimarchi
An Introduction To Credit Repair:
Why Do You Need It?
Credit repair is all about enhancing the credit-worthiness of a person. Simply put, it is an approach that seeks to avoid instances of loan applications being rejected because you have "bad credit".
But to really understand why credit repair is important to avoid unforeseen mishaps, it is necessary to delve into what constitutes an individual's credit scoring. A credit score is basically the bank's way of ascertaining whether you have good or bad credit; in other words, whether it would be a good investment to lend you money.
Credit scoring, by a financial institution, involves several risk factors that touch upon one's personal and financial history (including length of employment, children, marital status, payment records, etc.). Banks establish score cut-off points to distinguish between a good and bad credit on the part of the candidate. Several countries and banks have devised their own approaches to equate credit scores.
Australia, too, has a well-developed credit scoring apparatus to determine the credit-worthiness of an individual. American banks pioneered the system of credit scoring by using mathematical equations to establish the risk of lending to applicants.
A Typical Example of a Credit Scoring Equation as Follows:
(time spent at current address) + (duration served at job) - (number of credit cards used) = Credit Score
Based on this equation, if your credit score exceeds 3, then you have good credit and are eligible to receive a loan from the bank. If not, well, that's where credit repair comes in.
Basics of Credit Repair
Here are some basic tips to maintain a good credit:
- Avoid taking on too many debts. Debt consolidation is seen as a positive factor, provided you settle other debts.
- Keep your loan applications to the minimum. It will not work in your favour when you decide to go to the bank for yet another loan.
- Try to keep a stable job. Job changes decrease your credit-worthiness in the bank's eyes.
- Regular repayment of bills and loans is one of the best ways to improve your credit score.
How Difficult is Credit Repair, Really?
Trouble with maintaining a good credit score is, well, lack of knowledge. How exactly are you supposed to keep yourself in good credit shape if you don't know the basis on which you're being judged? A bank or credit reporting firm will certainly not divulge their credit scoring methods. Moreover, since the 1920s when credit scoring emerged, banks and credit rating firms have developed increasingly more complicated approaches to accurately predict whether or not a person would default. Add to that the fact that in the fast-evolving world of finance, credit scoring equations keep changing, and it is hard to keep up with the trends.
Now, a typical credit score will be equated based upon various elements of an individual's record, including but not limited to:
- Payment records
- Indicators of stability and accountability (such as long periods of stay in a residence, home ownership, long duration of job)
- Number of times one applied for a credit card.
- Debt utilisation (current limits of debt, and what amount an individual owes)
So far, so simple. But what is the specific mix that the bank is looking for? Where are you supposed to be focussing to improve your credit score?
What You're Missing: Faulty Information
It is hard to maintain an accurate report of your credit history. The fault isn't yours - there are literally hundreds of ways through which your credit history report
can be inaccurate. Millions of persons across the world suffer annually due to this. It can be quite frustrating to be rejected on a much-needed loan application through a fault that isn't even yours to begin with. Do not expect the credit reporting firms or banks to be too thorough on their checks. Most of the time, the process is automated, so the mistake keeps on getting repeated until it turns into fact. Issues such as having actually paid a bill, only to have it defaulted due to a confusion between bank branches are more common than you'd think.
This is another reason why you need professional credit repair. To set right the mistakes that should never have occurred. Credit repair assistance will not only help you understand how to improve your credit score; it will also do a permanent fix by restoring, where possible, yo`ur original, accurate credit history information so that you're a solid bet for loans - forever.
Australian Credit Repair
In the Australian system of maintaining credit history, payment history records aren't kept. Nor are there any records of what debts you've taken. Your credit history is only based on debts which are more than 120 days behind resolution, along with bankruptcies, legal recourses taken by creditors, number of credit applications made, and personal insolvency agreements. The only way to make credit repair work for you in Australia is by having your credit history errors removed and make minimal financial applications. This involves us contacting the organization that listed the issue, and have them remove it.