Fix Your Credit File using Credit Repair Services

Information verified correct on October 28th, 2016

Guide to repairing your bad credit rating

Good credit can mean the difference between getting a car loan, home loan or any other type of loan.  Some companies, most common, auto loans, offer loans for bad credit risks, but the interest rates are very high. Credit ratings tell the banks and lending institutions how you pay your debts.  If you have had a financial difficulty, or job loss, paying bills late or not paying them at all will reflect on your record.

Understanding Bad Credit: With Merrilyn Mansfield – Princeville Credit Advocates

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Increasing your credit rating

Do you qualify for credit repair?

Answer these four simple questions to find out.

1. Have you had finance rejected recently?
2. Were you seeking finance for a property or home?
3. Do you have savings/deposit?
4. Is there a possibility you have a black mark on your credit file?


You qualified for complimentary assessment by Princeville Credit Advocates.

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Unfortunately, it looks like you don’t meet the criteria for a complimentary assessment by Princeville Credit Advocates.

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Revolving credit is usually a great way to increase your rating.  This works if the balance is kept below the limit, and the monthly payments are in full, and never late.  This can be accomplished by having a credit card, or charge card.

If your credit is seriously flawed and you cannot get a credit card, there aren’t many other options available.

You can apply for a secured credit card, which means that you open a savings account with the company and you get a card for as much as you deposit.  In other words, deposit $300.00 and your limit will be $300.00. These are high interest credit cards, but they do help you establish good credit.

Considering a credit repair service

There are companies that help you repair your credit rating, and charge fees to do so.  They offer a free no obligation phone consultation, and can tell you how much they can do for you, and the costs involved.

They work by getting adverse events removed from your credit.  Whether they are outdated, incorrect, duplicates or any other item that should be removed, these services will be able to renegotiate on your behalf and each removal increases your rating. Remember, if you do sign up with one of these agencies they will advise, do not apply for credit or loans during the time they state they will work with you, generally at least a year. Each application appears as an inquiry on your credit, which causes even more negativity.

One step at a time

Patience is the key to credit repair. Although you can do the work yourself to repair your credit, it may take longer than using a credit repair service.  It entails contacting your credit reporting agencies, one by one, writing letters to dispute items on your credit report, and waiting for the response letters.

Doing your own credit repair

If you just cannot afford a credit repair agency, the first step on the road to repairing your credit is to obtain your credit report, and review it with attention to detail.  Look at every line and make notes.

Each item that is questionable, or duplicated should be listed in a letter to your credit-reporting agency.  Going to the website of say, Veda, will give you an example of how to dispute credit listing on your credit.  Some even offer online credit disputes.

Once you list all of the discrepancies, send them to all of the credit agencies that report credit.  There are a few in Australia:

Each receives about the same information, however you need to contact all three individually to have anything removed over all three agencies.

Implement sound practices

In the meantime, keeping your credit clean, and not charging or adding inquiries or other credit discrepancies is seriously important.  Not to mention that any additional work will cost you more with your credit repair agency.

Some tips to do this is to live within your means.  Don’t charge everything, and make a plan or budget to start paying off debt.

Be patient – this process takes a lot of time, but once your credit is ‘gold’ again, life will be great.  You can buy that house, or car you’ve always wanted with the most competitive possible interest rate available.

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2 Responses to Fix Your Credit File using Credit Repair Services

  1. Default Gravatar
    Sammy | February 14, 2015

    I declared bankrupt in 2008. I was discharged in 2011. I have had no bad credit since then and I have had no loans either apart from utilities which I always pay on time. I would like to apply for a personal loan and I am wondering;
    1. Do I have to disclose to the bank that I have been bankrupt before or can I answer no?
    2. Will the bank decline the loan if they know that I had been through bankruptcy or is there no general rule and it differs from bank to bank?

    Thank you

    • Staff
      Jonathan | February 16, 2015

      Hi Sammy, thanks for your inquiry!

      Banks have access to your credit file and can view past credit inquiries/ history, with the application process differing in the questions that are asked depending on the bank. Lending policies do vary from bank to bank and take into account a number of factors including credit defaults and bankruptcies. For information on fixing your credit file after being bankrupt please see this page. To gain further clarification on your individual circumstances and financial needs it would be recommended to visit a local branch or contact a customer service team.



Credit Cards Comparison

Rates last updated October 28th, 2016
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
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ME Bank frank Credit Card
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HSBC Platinum Credit Card
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NAB Low Rate Credit Card
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* 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.

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