Are you looking for a way to clear your credit in Australia? The idea of clearing credit refers to any negative listings that are on your credit report which may impact your ability to get finance. Services like ours at Clear Credit Solutions and other credit repair agencies help clients clear their credit so they can move forward with finance.
How does clear credit work in Australia?
The process of clearing a client’s credit is similar amongst most credit repair companies. It usually begins with the client discovering an issue on their credit report which needs to be fixed or removed in order to get their finance approved. From this point, the client will either do an online search for a credit repair company or they may get directly referred from their finance or mortgage broker.
After contact is made, an initial investigation in the credit report is conducted to determine what the problem is and if it can be resolved. This can be conducted over the phone, online or in person depending on the persons situation and location.
Not everything can be fixed or removed from a credit report. Some issues need to remain on the file and consumers should not be charged for this information.
After the investigation process, if the client can be accepted some companies will charge a fee at this stage to provide the service of clearing the credit file of any and all negative listings. After this the client/consumer can then move forward with their finance application.
What can be cleared from a credit report?
There are a number of issues that can be cleared or fixed on a credit report in Australia. Some of these include:
- Fraudulent credit enquiries
- Incorrect identity information
- Credit defaults
- Court judgments
- Commercial defaults
- Commercial judgments
All of these type of listings can have a negative impact on a consumers credit report and credit score. This can cause finance applications to be declined and these issues will need to be addressed and investigated to determine if they can be cleared.
What can’t be cleared from a credit file?
There are some things that cannot be removed or cleared from a credit file in Australia. These things can include:
- Legitimate enquiries
- Correct identity information
- Repayment history information
- Bankruptcies
- Part Debt Agreements
- Open and active credit accounts
This information is not something a credit repair company or consumer can clear and needs to remain on the credit report. The good news is that this information is not permanent and will expire and be removed automatically after a certain period of time. The time it remains on a file is different per listing. For example, an enquiry remains on a credit file for 2 years.
What to look for in a clear credit company in Australia?
Each company operates differently but all credit repair companies follow strict rules and guidelines. The points of difference are in their charges, fees, administration costs and refund policies.
Before proceeding with a credit clear company in Australia, it’s important for you to understand what they are offering and what they can help with. Things to be aware of before you sign up with a credit repair company are:
- Any administration fees they may charge to investigate
- If they charge per listing removal on your credit report
- If they have a full refund guarantee or if they only offer a partial refund depending on their success
- Their previous client reviews
By checking all of these things and shopping around, you will ensure you get the best service offered that suits your needs in clearing your credit report so you can move forward with finance.
