When it comes to your credit score, you want to make sure that you are doing everything possible to maintain a good credit rating. If your having trouble being approved for loans or other financial applications, due to a bad credit score then credit restoration just may be the solution for you in Australia!
What is credit restoration?
Credit restoration is the process of removing things from your credit report which may impact your ability to be approved for finance. Not everything can be removed from a credit report and some information is necessary for lenders and creditors to see. Some examples of necessary information that must remain on your credit report are:
- Identity details
- Previous credit enquiries
- Current active forms of credit
- Repayment history information
Now there can be negative information contained on your credit report. This negative information can cause you to be declined for credit. By removing negative listings from your report such as:
- Credit defaults
- Court judgements
- Fraudulent enquiries
Then this will essentially be ‘restoring’ your credit to an acceptable state and therefore improving your ability to be approved for any finance application.
How does credit restoration work in Australia?
To start the process of removing the negative listings off your report, it begins with starting an investigation into your credit report. This can be done by yourself or with the help of a credit repair company in Australia. It’s important to note that there are three major credit reporting bodies in Australia and you should obtain a copy of your credit report from each of them. This is because information that is on one credit reporting body, may not be listed on another. The three major credit reporting bodies in Australia are:
- Equifax
- Experian
- Illion
Copies of your credit reports can be obtain for free from each of the companies websites. Most lenders and creditors in Australia will primarily use the company Equifax to check your credit report however it is best practice to obtain all three, just incase a creditor or lender decides to check one of the other agencies.
Who can assist with restoring credit?
There are multiple companies that can assist you with credit restoration in Australia if you are having trouble working on it yourself. It can be a complicated process which is why credit repair companies like Clear Credit Solutions exist, to help consumers repair and restore their credit in order to be approved for finance application. Each company differs in pricing points, charges per listing and refund guarantees so it is important to shop around to get the best deal.
