FAQ

Our FAQs Address What You Need to Know about Your Credit Report

Discovering you have a bad rating can be a shock and you likely have a lot of questions about what it means and what to do next. Read our FAQs below or call us to discuss your situation on 1300 277 355.

Question and Answer

A file that contains information about you including your personal details along with a financial history. Finance providers will look at this when assessing whether or not they want to provide you with a loan. Each lender has their own lending criteria and if you have ever applied for finance of any sort in the past there is a high chance you have a credit report.

Your name (including any previously known names), address, date of birth, employment. It also has a list of recent and past providers you have applied for finance with. Some of these can include: banks, phone companies, gas and electricity providers and more. Every time you apply for finance, the provider can view your history. Please note, anytime that you enquiry about a loan or credit card and decide not to take the finance, such as shopping around for the best interest rates offered to you, this will appear on your file as credit enquires and has a negative impact. Avoid doing this as credit enquires can not be removed.

In Australia, there are three bureaus that banks or lenders approach to carry out a check: Veda, Dun & Bradstreet and Experian. Each bureau may hold different information about you. We investigate all three reporting agencies and recommend you access your credit report from each one. Each bureau will provide you with one free credit file per year which can take up to 10 days to receive.

A default is also known as an overdue account and is a type of negative listing (black mark). If you have an overdue account, this can be reported on your file.  If the overdue account is $150 or more and more than 60 days overdue, it can be reported on you file.  Negative listings can come from banks, phone companies, gas and electricity providers, furniture leasing and more.  For commercial defaults, an overdue account can be listed if it is $100 or more. However, before a listings is placed on your file, a company must follow the right procedures according to legislation. We specialise in identifying non-compliant listings on your file and will make a legal request on your behalf for the marks to be removed from your file if companies have not followed the right procedures.

Real Credit Repairers has two fees associated to the services provided

Part 1: $99.00 (including GST) Application Fee – this is non-refundable fee

Part 2: No Win, No Success Fee

$990.00 (including GST) for first removal, improvement and/or confirmation of conditional agreement to remove any Default and Serious Credit Infringement on your credit file when received in writing.

$395.00 (including GST) per each subsequent removal, improvement and/or confirmation of conditional agreement to remove any Default and Serious Credit Infringement on your credit file when received in writing.

$990.00 (excluding GST) per removal, improvement and/or confirmation of conditional agreement to remove any Court Default Judgment or Summons/Writ on your credit file when received in writing.

We specialise in identifying wrong listings on your file and will make a legal request on your behalf for the marks to be removed from your file if companies have not followed the right procedures.

Unfortunately, every missed payment can have a negative lasting effect. Finance providers use automated systems to assess risk, which will flag any negative listing. Therefore, whether your default is for $150 or $5,000, it is an overdue account that reached a collection stage that the credit provider chose to report it on your credit file.

The wait period varies for each client, the number and nature of the listings as well as the compliance of the associated companies. Generally, we aim to settle each client’s case between 4-6 weeks and once you return a signed privacy consent form, our clients often see a resolution within 30 working days.

Court Writs & Summons – 5 Years
Payment Defaults, Court Judgments, Credit Enquiries – 5 Years
Serious Credit Infringements & Clear-outs- 7 Years
Bankruptcy & Part 9 Debt Agreements  – 7 Years

There can be several reasons for a bad rating. Maybe you missed paying a bill or changed address without letting your creditors know. Records are also kept whenever someone views your file when considering any application. Multiple applications, also know as credit enquires, will also give you a lower rating.

There are laws and regulatory bodies and systems that dictate how your information should be collected, viewed and made public. It is the responsibility of the finance provider to know what they are allowed to do with your information, and there are serious consequences if they do not adhere to these rules. Real Credit Repairers also obides by these laws and will not provide any of your private information without your permission.

One small missed payment can affect your rating. Most finance providers use automated systems when determining risk; this technology reacts to any negative listing whatever the size, or whether it has been paid. After changes in the law in March 2014, it was introduced that any repayments that are more than 14 days late can also affect your credit history.    You repayment history remains for two years so you must ensure that you pay all your credit cards and loans on time otherwise it will be noted on your file that you are a late paying customer.

No. Companies will state that they will “update??? your credit file when you pay the account but this is only updating the status to “PAID??? not removing the default.  Once a listing is made it will be recorded on your file for years. Even if you pay the debt, the listing will remain for the world to see. It is still important to pay outstanding amounts and skipping making further payments can make matters worse. The default will only be updated to a Paid status but will still remain for 5 years from the date it was listed.  To remove the default earlier, you must challenge the default.

No company can guarantee a removal. A mark can be removed if it was listed incorrectly or is disputable. If the mark has been placed on your file by mistake and the correct procedure has not been followed and our case managers work with you to obtain a successful result. Our end result will help you move on from your credit nightmare to a better path for your financial future. No matter what the results, we will help get you back on track.

It is possible to clear your credit report without assistance, but you will need to know all the right procedures and laws to follow that relate to your default listing, especially with the Credit Reporting changes that occurred in March 2014. We have experienced case managers who have good relationship with many finance providers to achieve a successful outcome.

We immediately start working on your case once payment has been received. We accept all major credit cards, debit cards and bank transfers.

 

Real Credit Repairers has one fee associated to the services provided:

Part 2: No Win, No Success Fee

$990.00 (including GST) for first removal, improvement and/or confirmation of conditional agreement to remove any Default and Serious Credit Infringement on your credit file when received in writing.

$395.00 (including GST) per each subsequent removal, improvement and/or confirmation of conditional agreement to remove any Default and Serious Credit Infringement on your credit file when received in writing.

$990.00 (including GST) per removal, improvement and/or confirmation of conditional agreement to remove any Court Default Judgment or Summons/Writ on your credit file when received in writing.