Help & Frequently Asked Questions

Help & Frequently Asked Questions

How can I improve my credit rating?

In order to improve your credit rating, you may need to remove negative listings /black marks from your credit report. These listings can only be removed if you are able to identify an error in the listing which our ‘audit masters here at Clear Credit Solutions specialize in.

If I pay the black mark, will it be removed?

Unfortunately, paying the listing will not remove it from your credit report file and does not mean that you will be able to get approved in the future. A default/black mark stays on your file for 5-7 years.

Why is it important that I repair my credit rating?

It is important to repair your credit rating as this is most likely the reason stopping you from getting a loan approved. It will also save you thousands of dollars every year by allowing you to get loans at lower interest rates.So make the change today and give us a call at Clear Credit Solutions!

How does my credit report affect me?

Your credit report is checked when you apply for credit. If you have a negative listing /black mark on your credit report, you are highly likely to be declined.

What is a default?

A default is also known as an overdue account and is a type of negative listing or black mark which we specialise at removing here at Clear Credit Solutions.

Is credit restoration legal?

Yes, Clear Credit Solutions restoration process has been designed with top lawyers following legislation and has designed a way of legally improving credit ratings.

Can credit restoration be trusted?

It is understandable that you may be skeptical about restoring your credit and while not every listing can be removed, Clear Credit Solutions have removed thousands of black marks. If we don’t it costs you nothing!

What happens if my case requires legal advice?

Clear Credit Solutions are not solicitors, however we do employ people with a range of legal experience, in some cases these are lawyers. In very rare cases where a matter is unsuccessful following our escalations process, we may recommend you seek further legal advice, the cost of which is separate. Keeping in mind our no win no fee policy will apply.

What is on my credit report?

Your credit report includes information such as your name, address, employment history, date of birth, a list of creditors who have viewed the report, any late payments, defaults or judgments, clear-outs, crossed or linked files, name changes and bankruptcies etc.

What is changing and why?

From March 2014

The Australian Government has amended Australian privacy laws to allow more information to be included in credit reports.

Your credit report will contain information gathered from credit providers and publicly available databases, building a fairly complete picture of your credit situation. When given to a provider that holds an Australian credit licence, it may include information on how someone is managing their range of credit accounts.

This comprehensive credit reporting system gives credit providers access to information they need to help them make more accurate assessments about who is likely to meet their repayments.

How will I benefit from these changes?

Before March 2014: At the moment, credit reports only record credit enquiries and negative activity (such as defaults) and do not provide any details of which credit accounts are active. Because many people shop around for the best credit product for them before making a final decision, lenders don’t know for sure how many active credit accounts someone might have. As a result, they may reject requests for more credit.

From March 2014: The additional information on credit reports will give credit providers a more complete picture of your active credit accounts and ability to repay loans. This will help them offer a level of credit to you that better matches your capacity to repay the loan and any existing credit you owe.

The changes may also allow some consumers who couldn’t get credit previously to successfully apply for loans

The Australian Retail Credit Association (ARCA) is the key industry association for organisations involved in providing, sharing and applying credit reporting data in Australia.

Our aim is to ensure that credit providers, credit reporting bodies and consumers have the knowledge to meet their responsibilities so that credit reporting will be fair, competitive, accurate and secure.

ARCA was chosen by the Office of the Australian Information Commissioner (OAIC) to develop the Credit Reporting Privacy Code (CR Code), which became operational on 12 March 2014.

Although the CR Code has been prepared with input from industry and consumer bodies, it was the OAIC that was ultimately responsible for approving it.

ARCA contributes to constructive financial literacy by empowering Australians to understand how their credit choices affect the information that credit providers can access, and how they can access and control that information. ARCA also helps Australian consumers improve their financial knowledge by providing tips on how they can better manage their credit and minimise debt.

Can I fix my credit file myself?

Yes, just like going to court in front of a magistrate you can represent yourself and unless you have a full understanding of the exact legislation and law, just like a court hearing you have one shot at this to get it right. You will need to be able to identify contestable reasons, liaise with relevant creditors why your credit history has been damaged. The legislation you will need to get familiar with is 8000 pages long and can be found on the ASIC website. If you are in hardship you can seek help from financial counsellors and other community centres whom will charge you no fee.

Why can’t you guarantee my default will be removed?

It is unethical for anyone to guarantee that a listing will definitely be removed, as we don’t make that decision, each case is different and relies on a number of factors therefore no honest organization should give you a guarantee that the black mark will be removed.