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The industry of credit repair is highly specialised. In Australia this industry is unregulated, which means there is no industry code of practice or Government code of practice in place to protect consumers from shady operators. Therefore it is very important that you choose your credit repair company carefully or you could end up paying hundreds or  thousands of dollars and not have the result you are hoping for.

There is never a 100% guarantee on your default being removed, however your chances are far greater if you choose an experienced company with proven results such as We Fix Credit. We Fix credit is the longest running company that specialises in specifically credit repair in Australia and New Zealand. We stand by our removal strike rate of between 87-92% of the matters we take on board.

We are working to set a bench mark for a high standard of customer service and excellence to our industry in Australasia.

“Our promise to you is that we will work to achieve the best possible outcome for all of our clients so that you can get the loan you need sooner. “

FAQ

WHAT IS A CREDIT FILE?

A Credit file is information gathered about an individual or organisation that is relevant to a credit provider such as a bank in determining if the individual or organisation is credit worthy.

WHAT INFORMATION CAN BE RECORDED ON A CREDIT FILE?

Overdue accounts, enquiries, notes, and personal identity details eg your date of birth, licence number, cross references, current credit providers, public and court records, directorship and enquiries.

WHAT INFORMATION CAN NOT BE RECORDED ON A CREDIT FILE?

Personal information such as your race or religion, criminal history, political or social beliefs, sexual preferences or medical history, these are just some of the examples. Commonwealth Legislation governs what can and can not be recorded on credit files.

WHO ARE THE CREDIT REPORTING AGENCIES?

There are two (2) main Credit Reporting Agencies in Australia. Veda Advantage and Dun & Bradstreet (D&B)

HOW LONG IS INFORMATION HELD ON A CREDIT FILE?

4 Years – Court Writs & Summons
5 Years – Payment Defaults, Court Judgments & Credit Enquiries
7 Years – Bankruptcy & Part 9 Debt Agreements & Clearouts
10 Years – External Administration & Previous Directorships

HOW CAN I GET A COPY OF MY CREDIT REPORT?

Everybody is entitled to a copy of their Credit Report. You may Contact Veda Advantage the largest credit report agency in Australia & order a copy of your credit report for a small fee. Or if you engage the services of We Fix Credit we will provide you with a copy of your credit report as part of our service.

CAN I REPAIR MY OWN CREDIT FILE?

Yes you can at no cost to you. However, companies like We Fix Credit have a specialist team of consultants who provide an efficient & Cost effective solution to suit any budget. We charge the majority of our fees on an incentive basis. Therefore, if we are not successful in improving you credit file we do not charge a fee except for the small upfront administration fee.

CAN A INCORRECT LISTING ON A CREDIT FILE BE DISPUTED?

Absolutely, Federal Legislation which governs credit reporting in Australia. It contains clear provisions allowing any individual or organisation to dispute incorrect listings

CAN CREDIT REPAIR OR RESTORATION COMPANIES BE TRUSTED?

Like any industry there is a small element that is not reputable. Before engaging the services of any credit repair company you should satisfy yourself that the company is reputable and you should always obtain a disclosure of their fees upfront. We Fix Credit prides itself in being a reputable organisation. Our fees and charges are extremely competitive and they are always disclosed up front.

ARE THERE ANY BOGUS CREDIT REPORTING AGENCIES?

The major credit reporting agencies in Australia are Veda Advantage (formally known as BayCorp Advantage) & Dun & Bradstreet. Some debt collection firms threaten to list with other unknown reporting agencies. Most lenders only list with Veda & Dun & Bradstreet. The threat of listing with the other agencies is used to force payment of a debt.

ARE CREDIT APPLICATIONS RECORDED?

Yes they are. Each application or enquiry for credit is listed on your credit report. Accordingly, too many applications for credit may lead to further credit application being declined. Prior to submitting an application for credit, you should ask the lender to assess your application and determine the likelihood of your application being approved. This limits the number of applications appearing on your credit file. Credit enquiries remain on your credit file for 5 years.

HOW LONG DOES IT NORMALY TAKE TO REPAIR A CREDIT FILE?

Each situation is different, however typically an improvement to a credit file can be achieved within 30 days.

WHY SHOULD I PAY MONEY TO IMPROVE MY CREDIT FILE?

The benefits of improving your credit file far outweigh the cost in doing so. By having a good credit file you benefit from the following:

  • The ability to borrow money at a competitive interest rate, from traditional lenders and not non conforming lenders.
  • Lower monthly repayments
  • The ability to open trade accounts
  • Not having to offer lenders embarrassing explanations as to why there is a default or judgement on your credit file
  • Peace of mind that a true reflection of your credit worthiness is put forward.