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  Credit Repair

Many Australian's are red-flagged for not paying utility bills, skipping loan repayments or being made bankrupt.

The defaults are listed when a payment of $100 or more is at least 90 days overdue. They stay on file for five years and can make getting new credit a nightmare.

You could be experiencing the words "Sorry, you got a default" when they get rejected for a phone contract, or small loan. Often these default listings have not been correctly placed, or there is a legal question mark over some aspect of the listing. Sometimes there was simply a good reason why a bill wasn't paid.

The message is: There 'is' room to talk with your creditor

 Credit Repair

Your credit is the most important factor a potential lender views when considering you for any type of loan or credit, and it can have a direct effect on your approval for the loan. Credit repair involves removing contestable listings and clearing bad debts from your credit report. Your credit report contains a complete history of your financial life. It is important to safeguard your credit report and to take steps toward improving it if it paints a less than favorable picture of you.

A credit report contains such details as addresses, past and current employment, defaults, clear-outs, bankruptcies, credit applications, judgments, and linked or crossed files. Simple actions like applying for a new credit card, signing a mobile phone contract or signing up for an interest-free offer at a store all appear on your credit report. All of these actions can also have serious effects on your credit report.

According to Veda Advantage, of the 14.7 million Australian credit files, over 3.47 million contain negative listings. Many negative listings are inaccurate, and these listings may be contested in order to repair an individual's credit. In fact, experts believe that as many as 40% of credit reports contain errors. However, most people know little about their credit report, and many have never even seen it. They do not understand that they have a right to access this information, and that they can also work to contest and remove negative listings.

Erroneous and disputable information on credit reports may include overdue accounts, judgments, multiple identities, and much more. By removing this negative and incorrect information, you can receive approval for more and better credit and loans as well reduce your interest rates, fees, and repayments. All of these can save you thousands of dollars. Therefore, if you have a bad credit report, it is worth it to attempt credit repair.

The first step in credit repair is to obtain a copy of your credit report. You should examine it for accuracy, noting any unfamiliar or incorrect information. Verify that the information is indeed incorrect, and then take steps to challenge it. This requires contacting the credit bureaus as well the various parties involved in contested listings. You will have to provide evidence that the listings are incorrect. This can be a long process with specific forms and procedures to follow. A good credit repair agency can assist you a great deal during this undertaking.

Once your credit report is accurate, bad debts may still remain in it. Credit repair agencies, debt consolidation companies, and providers of financial counseling can all assist you in continuing to repair your credit. By systematically organizing your repayments, developing a repayment schedule, and steadily following it over a long period of time, you can eventually pay back all you owe plus any accumulated interest. The repayment of your debts will be noted on your credit report. You can then establish a new and improved credit history through smart money management and the prompt payment of bills.