Frequently Asked Questions
Q: What is Credit Repair?
A: Credit Repair is the improvement or removal of any adverse entries on a credit report held by any of the 3 credit reporting agencies in Australia. This could include defaults, judgments, court actions, cross files, enquiries or any other inaccurate or incorrect information held on an individual’s personal or commercial credit file.
Q: How long do adverse entries stay on your credit report?
A: Normally a default stays on your credit report for 5 years. If a default is deemed to be a Serious Credit Infringement (SCI) it can stay on the file for up to 7 years.
Judgments are 5 years and other information such as enquiries are also 5 years.
Q: Can the removal of defaults off my credit report be guaranteed?
A: No. We cannot guarantee the removal of any adverse listing however due to our many years of experience, knowledge and excellent repour with a large number of creditors and collection agencies; we can give a fairly accurate assessment of the outcome.
Keeping in mind that every file is different and every adverse listing has its own unique issues.
There is now magic bullet to this it is based on laws, regulations and facts pertinent to the Individual listing.
Q: If the default is removed does that mean I don’t have to pay the debt?
A: The debt is one issue however the default listing is a totally separate issue. Although the debt is the catalyst for the default, unless the default has been listed correctly and within the relevant regulation and law applicable to the listing, it may need to be removed.
This does not necessarily mean the debt is not owed. In most cases we can negotiate a settlement or payment arrangement so everyone is happy with the resolution. The resolution being the removal of the default and the creditor or collections agency receives fair payment.
Q: If the credit repair is successful, how long does it take?
A: Creditors or collection agencies have 30 days by law to respond to any communication. Usually they respond within approximately 2 weeks. Again, this largely depends on the issues and the creditor or collection agency. Some are quick to deal with others are impossible.
Every case is different.