Guide To Repairing Your Credit History

When you know that there are mistakes in your credit history it is important to repair them.

Repairing credit can be a challenge. Many people do not know what is in their credit file, much less how to go about fixing errors and dealing with creditors. The information contained in your credit file dictates many important factors in your financial life. When you apply for a loan or a credit card the lender or card issuer will get a copy of your file and use it to determine if you are eligible for credit. It will also tell them how much of a credit risk you are or are not which informs their decision on interest rates and terms.

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• Information on your current relationship with a credit provider

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Your credit history, therefore, is something that should be diligently maintained. Even if you do your best to pay your bills on time and live within your financial means there is always a chance that your credit file could be incorrect. Remember that your credit history in maintained by humans, all of whom are capable of making mistakes. Typographical errors and failure to remove data at the appropriate time are common causes of credit mistakes.

Did you know that each type of financial information has a set amount of time that it is on your credit file? If you do not take the time to ensure that those negative marks are removed in a timely manor you could wind up paying more then you should for interest and fees or not being able to get a line of credit at all.

Credit History Frequently Asked Questions

What are the credit reporting agencies? In Australia there are two main reporting agencies Veda Advantage and Dunn & Bradstreet.

Can I get a copy of my credit history? Yes, the Privacy Act of 1988 maintains that everyone has the right to a copy of their credit history. You can get one by contacting one of the reporting agencies who will send it to you. If you need the report right away they will charge a small fee for your services. If you suspect you are in need of credit repair you can enlist the help of a credit repair agency who can also get a copy of your file.

What is on my credit file? Anything that reflects your financial status like defaults on bills or loans, judgements, cross references, bankruptcies and part 9 debt agreements, credit enquiries, and previous directorships.

How long does data stay in my credit history? Court writs and summons are held for four years. Payment defaults, court judgements, and credit enquiries are held for five years. Bankruptcy, part 9 debt agreements, and clearouts are held for seven years. External administration and previous directorships are held for ten years.

Can I repair anything that is in my credit file? No, only those things that are disputed, incorrect, or inaccurate can be disputed. However, fixing these mistakes can greatly improve your credit standing

How do I go about credit repair? You can repair your credit yourself by contacting each lender and the reporting agencies or you can hire a credit repair agency to do it for you.

Are credit repair agencies all reputable? Sadly, no there is an element within the credit repair agency that may not be trustworthy. You should thoroughly research any agency you plan to use to find out what their record is and decide if you trust them. Make sure to get a listing of all of the costs up front and in writing to protect yourself in the long term.

Repairing your credit history is a money saving endeavour. While you may have to spend some money to get your report or hire a credit repair agency you will wind up saving money in interest rates as well as negating the instances of credit rejection. It is too easy for errors to occur that can have a negative and lasting effect on your finances. Check your file for mistakes and fix them as soon as possible.

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