hero-image

Help with bad credit

You want that new car. That new house. You may even want to have children or start a business. It can become frustrating when you see friends and family are flying ahead while you’re feeling stuck and left behind.

To move forward, you may have tried taking out a home loan, personal loan or applied for a new credit card, but you just keep getting knocked back.

 

If you're wondering why life seems to be pulling away, it could be a bad credit rating.

Why you have a bad credit rating

If you’ve got a bad credit rating, it’s likely that you’ve got too many overdue debts. These overdue debts are recorded as ‘payment defaults’ on your credit report.

Before creditors lend you money or give you a new credit card, they double-check your credit report first. This is to make sure you can pay back what you owe.

If you've repeatedly missed:

  • image

    Credit card payments

  • image

    Paying bills

  • image

    Personal loan payments

Then defaults will be recorded in your credit report, and your credit rating will be poor.

Payment defaults appear on your credit report when debts have gone overdue by 60 days. You would also have received multiple written reminders to pay these debts too.

Creditors interpret a lot of defaults and a bad credit rating as indicators you’re poor at managing money and unreliable.

This stops creditors from lending you money.

There's no need to feel embarrassed about bad credit

There are a lot of common reasons why you might be unable to pay your debts. These reasons may not necessarily be poor money management, overspending or overborrowing.
 
Sometimes intense life events occur suddenly, and you can’t control them.
 
There’s no need to feel embarrassed or ashamed.

You might have:

  • image

    Fallen ill or been injured

  • image

    Lost your job out of the blue

  • image

    Gone through a relationship breakdown

All of these situations can put you in a spot where it’s impossible to pay bills on time.
As a result, your credit report could be covered in ugly defaults, which are now stopping creditors from lending you money.
We understand it’s not fair, and we’re here to help.

The truth about bad credit and credit repair

If you’re in a hurry to take out a loan, here’s the truth about fixing a bad credit rating: there are no shortcuts to repairing bad credit.
 
The only way to fix your credit report is to get your finances under control so you don’t fall behind in your payments ever again.

Any default stays on your credit report for five years. Paying off your debts mean the status of the debt is updated to ‘paid’. But the defaults still hang around as part of your credit history.


We can help you repair a bad credit score

We want to help you develop a good credit history through on-time payments.
 
We’re keen to get you to a financial position where you can take out loans and move your life forward.
 
All you need to do is meet with us. A consultation session with us is completely FREE of charge.

In our session, we’ll thoroughly analyse:

  • image

    Your bills

  • image

    Your expenses

  • image

    Your current debts

Through this analysis, we’ll help you develop a robust financial strategy to get you paying all your bills and expenses on time. And to stop you from getting another default on your credit report.

As part of this strategy, we can also:

  • image

    Renegotiate payment arrangements with your creditors

  • image

    Negotiate repayment reductions to help you pay on a regular basis

  • image

    Arrange for payments to cease for a period of time

Frequently asked questions about bad credit

If you want to check your credit report, you can request a FREE copy from any of these reporting agencies.
 
●      Equifax.com.au
●      CheckYourCredit.com.au (Illion, formerly Dun and Bradstreet)
●      Experian Credit Report
●      Tasmanian Collection Service
 
Be sure to check your credit report on a regular basis to make sure there aren’t any errors in it.
 
If there are loans or payment defaults in your credit report you know nothing about, it’s possible someone has stolen your identity to take out those loans.

In the case your identity has been stolen or if defaults have been incorrectly added to your credit report, we can inform your creditor and reporting agency for you.
 
We can also escalate errors to the appropriate ombudsman.

In worst-case scenarios, you’ll have a bad credit report because you arranged a formal debt agreement or filed for bankruptcy sometime in the past.
 
Formal debt agreements and bankruptcies aren’t taken lightly and are looked upon poorly by creditors.
 
Another reason you have bad credit is that you’ve had to make an appearance in court to settle a debt. This appearance and the court’s judgement will be listed in your credit file.
 
If you need help resolving these situations, give us a call on 1300 300 922.

We’ve helped countless Australians repair bad credit scores