What is a Credit Report Ban & How Does It Work?

A credit report ban is a security measure that helps protect your credit history and identity. It prevents creditors from accessing your credit report without your consent, which makes it more difficult for someone to open new accounts in your name. If you’re considering a credit report ban, here’s what you need to know.

This may be useful if you believe your personal information has been stolen and that you are under a credit report restriction. You can request a Credit Report ban if you have good cause to believe fraud will or has been committed against you.

A credit check is a financial study conducted by a lender to assess the danger of borrowing money. This will prevent creditors from viewing it as part of a credit check when it is included on your Credit Report.

While the restriction is in place, your credit information can’t be given to a credit reporting agency. Credit lenders will not be able to obtain any part of your Credit Report without your specific written consent.

The ban will last for 21 days, but it can be extended if there are valid reasons and evidence to support your request. This might assist prevent fraudulent accounts from being set up in your name. Credit providers are not permitted to access credit reporting information on your personal, commercial or public credit report without specific written permission while a ban is in force.

This helps to prevent identity theft by preventing people from using your information to fraudulently obtain credit in your name.

If you’re putting a Credit Report ban on your record, make sure to do it with each credit reporting agency in Australia.

If you have found out that you have a fraudulent enquiry on your credit report, which is stopping you from obtaining finance, then contact Clear Credit Solutions! We are the credit repair experts in removing negative information from credit reports and helping people obtain the finance they need. Get in touch with us today to find out more about our credit repair service and how we can help you get back on track financially.