In these times, when credit providers are being very cautious with their lending criteria, it is essential that you have a clear credit rating. If there is even the smallest problem on your credit report you will not pass their test.
There are various problems that appear on a credit report that will stop you from acquiring your finance or, at least, cost more in fees and interest charges. We at Fix Credit Australia find the main two problems are paid or unpaid defaults (accounts that were not paid on time) and court judgements.
There are a number of other problems as simple as your name being spelled incorrectly causing you to have more than one file. This will normally stop you from passing their test. This information is allowed to remain on the credit report for five or seven years.
Fix Credit Australia’s research found there are over 14.7 million credit files in Australia and these contain over 3.47 million negative listings (Veda Advantage – Nov 2008). Research has found over 30 percent have errors on them (Choice Magazine – Jan/Feb 2004).
If an item is listed on your report in error, even as small as $150, this problem can stop you from acquiring credit for up to five or seven years. If this problem listing is disputable, contestable, or the credit providers have not complied with the regulation governing the listing of information on the credit report then Fix Credit Australia can have the listing removed legally.
So you can see that addressing these problems ASAP is very important. We at Fix Credit Australia found, if people want that home loan, credit card, that car, or household item on credit they need to find out what the problem is and if it can be fixed before they make too many applications, as this can also affect their chances of attaining a loan.
Fix Credit Australia are specialists in dealing with these problems. Fix Credit Australia’s Managing Director has had many years in the finance industry. The past ten years she has been researching the laws and legislation governing the reporting system and specialising in the fixing and repairing of these problem entries on people’s credit reports.