Can I get enquiries removed off my credit file?
An enquiry listing is created on your credit file every time you apply for credit. These listings stay on your file for 5 years. It’s a great thing to have an active credit file that shows you are applying for credit from time to time. However, if you make too many...
Can we delete a bankruptcy off your credit file?
There are two types of bankruptcy that may appear on your credit file, they are: 1. Voluntary (debtor's petition) Anyone who owes a debt of any amount to another person can enter bankruptcy voluntarily by filing a debtor's petition with the Official Receiver at...
Veda EDR update: Business owners the biggest losers
I wrote recently about Veda changing their external dispute resolution scheme from the Financial Ombudsman Service (FOS) to the Credit and Investments Ombudsman (CIO): https://ow.ly/JGeK309cdsT Veda changing EDR's is entirely fiscally driven. They have moved to the...
Veda quietly changes EDR – 20 million consumers lose
We make over 800 complaints to Veda on behalf of consumers each year. Some of these complaints are escalated to an external dispute resolution scheme in order to achieve a result for our clients. To date, Veda’s dispute resolution scheme has been the Financial...
The dark side of comprehensive credit reporting
In March 2014, Australia introduced comprehensive credit reporting. The change had good and bad points. The good is - tighter protections for consumers facing hardship, and more notifications required prior to default listing a client on a credit file. The bad is -...
Stop judging credit-impaired people
People that have a bad credit file aren’t bad people. And credit repair companies aren’t trying to get them out of their financial obligations. This is the feedback I sometimes get. In my opinion it’s a completely wrong view. Who is the typical credit-impaired person?...
Should I enter a Part 9 debt agreement?
Let me start by saying I am not advocating that debt agreements are bad for everyone. What I am saying is that some companies who sell credit repair – and some who specialise in debt agreements – are giving bad advice to consumers. There is encouragement to enter...
Applying to high risk lenders will damage your credit score
We are all aware of the bad listings on a credit file that automatically make it harder for you to get a loan. Overdue accounts (also called defaults), court actions (whether paid or unpaid), late payment indicators and excessive recent enquiries (more than 5) will...
Why pay us to fight your Ombudsman case?
Every day Repair My Credit Now! advises clients on their options when they have a dispute with a Financial Services Provider (FSP). Where they have the basis to pursue their complaint with the Financial Ombudsman Service (FOS) or the Credit Industry Ombudsman (CIO),...
The powerlessness of Bankruptcy
I didn't quite understand how desperate life can get until I helped someone facing bankruptcy. I felt almost as powerless as Fran (name changed to protect her privacy), as she was about to lose everything and there were no avenues to help her. Fran had only one credit...