How much does credit repair cost?

Information verified correct on October 21st, 2016

Credit repair is possible in a number of cases, but are you aware of the costs involved?

If you suffer from poor credit history, credit repair can be a worthwhile way to improve your credit rating in the event that you’d like to apply for another kind of credit or even a new job in the future. Both having a bad credit history and repairing it comes at a cost. There are a few things you’ll need to consider before you try to tackle your credit repair. As there are a lot of steps involved, seeking professional help could be a valuable idea. Here we discuss your options and explain how much it will cost.

How much will it cost to repair my credit history?

Living with bad credit places a number of restrictions on one’s life, so the number people with bad credit turning to credit repair companies comes as no surprise. If you’ve considered seeking such a service, you may know that these services don’t usually come cheap. The cost of your credit repair will be determined by the credit repair company and will largely depend on the state your file is in. The complexity of your case has an obvious bearing on the cost, as this directly affects the time and effort that the company will have to put in to achieve desired results.

Don’t expect a credit repair company to impart credit counselling, simply because their main aim is to get credit reporting bodies to remove negative marks from your credit file.

Information about specific costs of a credit repair service

What will impact the cost?

When it comes to pricing, credit repair companies function like most other businesses, and charge their clients differently based on individual requirements. Factors that impact costing include the following:

  • Defaults. The defaults you have on your credit file have an effect on how much you have to spend. This is because credit repair companies in Australia charge a fee for each mark they work in removing. So, the higher the number of defaults, the higher the cost.
  • Successful negotiations. After each successful negotiation that the credit repair company carries out to remove a negative listing, you’ll be charged a fee to ensure the mark is successfully removed.
  • Court judgements. Court judgements can have a considerable effect on your ability to get credit, and a credit repair company, for a price, can work in removing the same from your credit file.
  • Crossed or linked credit files. In case you’re the victim of crossed or linked credit files because of how certain lenders submit credit data, you can expect a credit repair company to address this aspect, again, for a fee.

Can I repair my own credit file?

Repairing your credit file on your own is possible, but bear in mind that entire process could take weeks, and would involve making scores of phone calls to contact creditors individually. Even if you do choose to take this task upon yourself, getting credit reporting bodies to remove all possible negative information from your credit file would be nothing short of herculean.

Credit repair costs are normally high mainly because fruitful results require reliable professional assistance. These professionals have all the required training when it comes to investigating defaults and contacting creditors, and they know just what it takes to get credit reporting bodies to remove negative marks. Since they’re usually in touch with creditors on a regular basis, they stand a better chance of success.

While opting for professional assistance would cost money, it could be well worth your while because you’ll benefit from the experience of experts in this field. On your own, while you’ll end up saving money in the immediate and near future, the long term story, owing to your bad credit, can be completely different.

About repairing your credit file

What are the benefits of working with a credit repair company?

Choosing a good credit repair company is important, and as long as you’re working with a company you can depend on, you can look forward to the following benefits.

  • Professional service. Credit repair companies work at repairing people’s credit files for a living, and they know just what to look for, followed by whom to get in touch with to remove negative marks.
  • Worth the cost. While you’ll have to pay some money to a credit repair company, you’ll probably end up paying more as interest in the long term if you get any kind of credit while suffering from poor creditworthiness. This is particularly true for people who have to turn to non-traditional lenders that are typically infamous for charging higher interest.
  • No need for collateral. Applying for a loan with bad credit history might require that you provide some kind of collateral, and when a credit repair company is through fixing your credit file, you no longer have to worry about this requirement.
  • Access to credit. In some scenarios, people might not qualify for any kind of credit owing to what’s on their credit files, and repairing your credit file in such a situation opens up borrowing doors for you once again.

Repairing your credit file to improve your history is possible. While seeking professional assistance comes at a cost, the results should outweigh the fees. If you do intend to repair your credit history yourself, make sure to research the process thoroughly and prepare yourself for a possibly tumultuous process. Regardless of your choice, make sure to compare your options to determine the most suitable strategy for you.

Back to top

Frequently Asked Questions

Who has my credit file?

Credit reporting bodies like Veda, Dunn & Bradstreet, and Experian maintain credit files in Australia. They make them available to creditors upon request.

What does improving my credit rating entail?

The process requires going through your credit file and looking for negative marks. The next step is working on removing these marks.

Can I pay money to a credit reporting body so it removes negative marks?

No, this is not a possibility.

Back to top
Was this content helpful to you? No  Yes

Related Posts

Ask a Question

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Disclaimer: At we provide factual information and general advice. Before you make any decision about a product read the Product Disclosure Statement and consider your own circumstances to decide whether it is appropriate for you.
Rates and fees mentioned in comments are correct at the time of publication.
By submitting this question you agree to the privacy policy, receive follow up emails related to and to create a user account where further replies to your questions will be sent.

6 Responses to How much does credit repair cost?

  1. Default Gravatar
    Keith | April 1, 2015

    Hi. I have recently been declined a Mortgage extension. The banks reason for declining was a “busy” credit rating in the words of the bank officer. What the heck is that and can it be rectified, and if so, how much??

    • Staff
      Jonathan | April 2, 2015

      Hi Keith, thanks for getting in touch with us!

      Please refer to the following link for more information on the credit repair process.



  2. Default Gravatar
    Stan | March 17, 2015

    Hello, are you providing this service (credit repair)? Or can you give me info on other companies who specialize in this sort of business such as Clean credit?
    Thank you

    • Staff
      Jonathan | March 18, 2015

      Hi Stan, thanks for your inquiry.

      Please note that is a comparison service. Please see this page for more information on credit repair companies in Australia.



  3. Default Gravatar
    farida | January 23, 2014

    How much the cost of clearing the credit file?

Credit Cards Comparison

Rates last updated October 21st, 2016
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Enjoy a 0% p.a. balance transfer offer for 18 months and also earn 2 bonus Velocity Points in the first 3 months on everyday spend.
20.74% p.a. 0% p.a. for 18 months $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
ME Bank frank Credit Card
Enjoy a low and consistent interest rate on purchases and cash advances, combined with no annual fee.
11.99% p.a. $0 p.a. Go to site More info
HSBC Platinum Credit Card
Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
19.99% p.a. 0% p.a. for 15 months $149 p.a. Go to site More info
NAB Low Rate Credit Card
The NAB Low Rate Card offers 0% p.a. on purchases and balance transfers for 15 months. This card also comes with a low annual fee.
0% p.a. for 15 months (reverts to 13.99% p.a.) 0% p.a. for 15 months with a one off 3% balance transfer fee $59 p.a. Go to site More info

* The credit card offers compared on this page are chosen from a range of credit cards has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

Ask a question