FAQs - frequently asked questions
WHAT IS A CREDIT FILE?
A credit file is information gathered about an individual or organisation that is relevant to a credit provider such as a bank and or a service provider (for example a Electricity company / Telephone company) in determining if the individual or organisation is credit worthy.
WHAT INFORMATION CAN BE RECORDED ON A CREDIT FILE?
A credit rating has no legal status, but is the trusted source for credit providers who need to decide if you are a risk before they lend you money and or provide credit for services.
WHO ARE THE CREDIT REPORTING AGENCIES?
There are two main Credit Reporting Agencies in Australia. Veda Advantage and Dun & Bradstreet .
HOW LONG IS INFORMATION HELD ON A CREDIT FILE?
4 Years - Court Writs & Summons.
5 Years - Payment Defaults, Court Judgements & Credit Enquiries.
7 Years - Bankruptcy & Part 9 Debt Agreements & Clear-outs.
HOW CAN I GET A COPY OF MY CREDIT REPORT?
CAN I REPAIR MY OWN CREDIT FILE?
Our company can remove all paid default listings and court judgements from your credit file with our proven legal administrative process. We can remove all listings, in most cases within 28 days.
CAN CREDIT REPAIR OR RESTORATION COMPANIES BE TRUSTED?
Like any industry, there is a small minority that are not reputable. Before engaging the services of any credit repair company, you should satisfy yourself that the company is reputable and you should always obtain a disclosure of their fees upfront. Clean My Credit File prides itself in being a reputable organisation. Our fees and charges are extremely competitive, and they are always disclosed upfront.
ARE CREDIT APPLICATIONS RECORDED?
Yes they are. Each application or enquiry for credit is listed on your credit report. Accordingly, too many applications for credit may lead to further credit applications being declined. Prior to submitting an application for credit, you should ask the lender to assess your application and determine the likelihood of your application being approved. This limits the number of applications appearing on your credit file. Credit enquiries remain on your credit file for 5 years.
HOW LONG DOES IT NORMALLY TAKE TO REPAIR A CREDIT FILE?
situation is different, however typically an improvement to a credit file can be achieved within 28 days. Our service may take up to 6 months or longer in cases that defaults or court judgements have been listed by Banks or Financial institutions. Depending on type of default or judgement the fee's on our web site are based on standard defaults & judgements by Utility and Telecommunication company's, Body Corporates, City Councils and other industries excluding Banks & Financial institutions listings on your credit file.
WHY SHOULD I PAY MONEY TO IMPROVE MY CREDIT FILE?
The benefits of improving your credit file far out weigh the cost in doing so. By having a good credit file you benefit from the following:
- The ability to borrow money at a competitive interest rate, from traditional lenders and not from non conforming lenders
- Lower monthly repayments
- The ability to open trade accounts
- Not having to explain to lenders embarrassing explanations as to why there is a default or judgement on your credit file
- Peace of mind that a true reflection of your credit worthiness is put forward
HOW MUCH DOES OUR SERVICE COST?
Our base service fee is $1,200.00 GST included for removal per listing of each paid or settled default and or judgements. Our service fee is capped at $7,000.00 GST included for 7 to 10 listings.
For all default and court judgement listings on your credit file by Banks or Financial institutions our service fee commences at $2,750 GST included.
Inquiries for credit check listings can be removed in most cases and are assessed on a individual basis depending on amount of inquiries on your credit file. Our fee for this service for upto 5 inquiries is $5,500 GST included, plus disbursements.
Yes, our company does make guarantees providing that all requested information you provide is factual, true and correct. We will only take on clients that meet our criteria. Upon assessment of your credit file we will honestly tell you if we can help you or not. We can only help you, and remove judgements and defaults that are paid or settled from your credit file in Australia and New Zealand.
Contact our Office Today!
Phone: 1300 304 001Source: www.cleanmycreditfile.com.au