What would you do if someone told you that if you did not fix your credit file, you would forever be a slave and owned by the people in charge of this planet? This is what is going on right now, and so many people have no idea about it. It does not take much to fix your credit file, and actually, we want to teach you how to seize control of your own future and become wealthy in life; we write this article for everyone who wants to learn more about fixing your credit file.
Your credit file or records; hold an important place in your life. This is because your records dictate whether you would be able to own a home, make a purchase using credit and even whether you could open a bank account. This is why it's detrimental to ensure that your credit file remains clean and free from errors.
Your credit file contains details of every credit application you've ever made and whether you paid them on time. It also records whether you've been refused credit and if you've had credit records fraud or identity theft.
Your credit file also contains details of any County Court Judgments (CCJs) against you and any bankruptcies.
If you pay by direct debit, your credit file will also include details of every payment you've made.
Your credit file isn't stored by companies that offer credit. Instead, it's held by the three leading credit reference agencies — Experian, Equifax and Illion — and for most banks and building societies.
Companies such as banks, credit card companies, and building societies check your credit file to calculate your credit risk when you apply for debit or credit. This risk is then used to decide whether to approve you for credit and how much you'll be charged, plus the interest rate.
You've heard the term "good credit" before. To have a good credit rating, you must have a "good credit record." But what is a good credit record, and how do I go about establishing one?
Your credit score — the best-known and most important of all the information in a credit file — is a number that can range from 300 to 850. It reflects the information in your credit file, including your payment history, the amounts owed, the amount of credit you're using, how long you've had credit, and whether you've applied for new credit recently. The better and stronger your score, the more likely you are to get accepted for credit and, therefore, to get a loan or credit card.
Consumers with scores between 700 and 850 are currently designated as "prime," and those with scores below 660 are considered "subprime." Even though subprime borrowers have higher average credit scores than prime borrowers, they're more likely to be rejected by lenders.
The very best way to know if you have a "good" or a "bad" credit file is to keep your credit reports up to date. Check your credit reports periodically to make sure everything is accurate.
Your credit scores are calculated based on information and data in your credit report. Credit bureaus collect that information from various sources, including banks, credit card companies and retailers, and compile it into a single file.
Each Credit bureaus don't give consumers access to their credit reports, though, so the only way to find out if you're in the clear is to get a copy of your credit report.
Three parts comprise your credit report that is all equally important:
Credit scores affect nearly every part of your life and your financial future. Here are the areas where your credit score matters most:
Your credit score can be the difference between approval and denial for a mortgage. Lenders use credit scores to predict future payment behaviour, and a score below a certain threshold can mean you don't get approved.
Mortgage lenders look at credit reports to determine a borrower's overall credit risk. Credit reports contain details about a person's credit history, including payment history, amounts owed, types of credit used, and the length of credit history.
When you shop for auto insurance, the quote you receive is based on your credit score.
Your credit score affects not only the type of auto insurance you get but the price you pay.
Your credit score is used by insurance companies to determine how much to charge you for auto insurance and to determine how much risk is associated with insuring you.
The better your credit score, the lower your premiums.
A credit score can have a considerable influence on your chances of getting a rental property.
Landlords use credit scores and other information to evaluate applicants and decide whether to rent to them.
Although landlords generally don't check for or have access to credit scores, it's helpful to know if you have one, so you can factor it into your application process.
Having a poor or bad credit score, or not having one at all, isn't an automatic deal-breaker. Landlords take many other factors into account.
However, a poor credit score can make renting a house or apartment difficult or even impossible.
When they apply for a Government program, do many people have a clue what their credit scores are. But that's a problem because the Government does care about credit scores. A low score can make it impossible to qualify for some programs.
Government programs include everything from home loans to student loans and unemployment benefits. In evaluating your application, the Government looks at some factors, including your credit score.
When there is a financial crisis and people cannot pay their bills, they turn to the Government for assistance. This help and assistance come in the form of loans, grants, and programs.
Government assistance is one of the first things people look to when times are tough. However, many of these programs will deny people who score poorly on credit checks. This can cause severe problems for people who are already in financial need.
Your credit score can impact your employment status.
It affects how much a company or person wants you. If you're trying to secure a job, your credit score can matter.
Many employers conduct credit report checks on potential employees, looking for signs that someone will make prompt payments, handle debt responsibly, and not use credit irresponsibly. If a potential employee has a credit score below 620, employers won't typically hire them.
Of course, it's more complicated than that; some employers may view a poor credit score as a sign someone isn't responsible, so they reject applicants anyway.
If you have a bad or a poor credit score, you will most likely pay more for utilities and have a more challenging time getting approved.
How can your credit score affect your utilities?
If you have bad credit can make it difficult and challenging to secure a cell phone contract.
Your credit score primarily determines which bank accounts you see as options, but other factors also play a role. Account selection is affected by your credit score, your income, and where you live. Your income, in turn, affects your interest rates and credit limits.
Some banks may look at your monthly income or assets before approving you for a bank account. The lender may calculate your "risk score" by assessing the amount you owe and paying bills on time.
When you're choosing a credit card, it's essential to understand how your credit rating will factor into the equation because credit scoring is used for more than just deciding whether to lend you money.
Additionally, lenders evaluate your credit score to decide how risky your account is, which determines things like your annual percentage rate (APR) and what interest rate you will be charged on future purchases.
Credit repair is complicated because fixing credit can be a long and tedious process.
Your credit file is not a fixed entity. Credit bureaus are constantly reviewing your file and updating it. This keeps your credit file accurate. But mistakes do happen, and Credit Repair Australia knows precisely how to fix them and restore your good credit standing.
Mistakes happen all the time. One account gets incorrectly reported, or even an error gets reported to the bureaus because a store or creditor made a mistake. Whatever the case, errors that get reported onto your credit file can cause your credit score to decline.
A bad credit score can make renting or purchasing a house more challenging, getting a job or even renting an apartment. Australian Credit Repair knows the laws surrounding credit repair and can help you with the following situations:
The Australian Credit Lawyer works with clients, helping them to unlock their credit potential. We take great pleasure in our "no repair, no charge" policy. If you're unhappy with your settlement, we'll help you find another solution.
Our credit experts have years of experience dealing with credit disputes and can help you remove bad credit listings from your credit report.
At Australian Credit Lawyer, we believe that everyone has the right to good credit.
We provide free initial assessments with no obligation. For detailed information or to schedule a free consultation, contact us online or call 1300 368 302
Knowing where you stand with your credit file allows you to plan ahead and take action to minimize any potential harm. Any errors can be corrected before they have a chance to impact your ability to get a loan. Rest assured that these companies do the work and then let you know that your file is fixed and will stay that way. Most importantly, you can put this behind you and start building up your new history.
Fixing your credit file is worth the effort. As you restore your credit file to the way it should be, you'll feel a great sense of relief.
Advantages:
You'll have more trust in yourself, be able to work less complicated on bills, have more time for entertainment and recreation, have an easier time getting job promotions and passing background checks, be seen as a responsible person, and most importantly (to most people anyway!) be seen as someone who can be trusted.
Benefits:
You'll minimize your debts; live within your means; free up money for other expenses; enjoy life, and protect your standing in business and society at large.
Contact Us:
1300 368 302
help@australiancreditlawyers.com.au
There are several reasons why you should choose Australian Credit Solutions from the many credit repair services available. If you're new to credit repair, we can help review your credit record, identify issues, and create a credit fix strategy tailored for your specific financial situation.
Our team of reliable Credit Solutions can help you identify negative items, fix errors, file disputes, improve your credit score, and get finance. We also provide advice on how to manage your credit and maintain a good credit score so you can stay on top of your finances.
If you need assistance, kindly get in touch with us today. We will communicate clearly and our dedicated Credit Repair specialist will give your Credit file the attention it deserves to get it back on track
Simply click below to fill out the Credit Assessment form and also Schedule a meeting with our Credit Repair Specialist.
You can get a Free Copy of your Credit File on Equifax website or we can organise a premium report for you.
We’ll give you all the information you need to know where you stand.
If you are looking forward to fixing your credit and getting finance as soon as possible, you may contact us or fill out the form on this page to get started
