I am concerned I have a bad credit rating, but I don't know how to find out if this is the case. Also, if I do have a bad credit rating, is there a way I can fix it?

Hi Sarah,

I previously worked for a leading Credit Repair law firm.

Firstly, you can obtain your credit file from Veda once every 12 months at no cost. That would be your first step.

If you do have a default or other negative listing, it can be contested and legally removed I the listing should not have been placed or was placed with error or. The creditor must demonstrate they follow all relevant legislation and procedures.

Happy to speak further if you prefer to chat on the phone.

John J Maxwell
Senior Mortgage & Finance Consultant
john@cocalexconsulting.com.au
0434 544 225

http://www.veda.com.au/swiftcheck/features

This will access your free report - takes 1-2 weeks

If you have a default or some other issue you should contact the company that listed it and try and resolve and get removed.

There are ways to get removed but not all types of debt will be - like Telco and Utilities.

Lending options exist especially for defaults that are over 2 years.

Hi Sarah,

Great question. There certainly are ways you can find out. It just takes filling out a few forms and waiting. You can try www.getcreditscore.com.au and it is free.

If there is something negative on your file then it does depend on whether the black mark is correct or not. If not there are credit repair specialists out there that can help.

There still are options if you do have a bad credit file to get a loan but the options will just be more limited and rates not as good.

Hope that helps.

Hi Sarah,

Credit reports are something seldom understood, as most people have not actually accessed their own credit file to see whats recorded or how they work. In the past, your credit history was generally restricted to:
- credit enquiries (when a company checks your profile because you've applied for credit)
- credit defaults (if you fail to repay credit or do not meet the conditions of your contract)
- Court Judgements
- Bankruptcy or Debt agreements etc

Since the introduction of new legislation in 2014, there have been significant changes to what can now be recorded on your credit file, including whether you make repayments on time for your credit cards, utilities, phone or mobile etc
You can check out this link to learn more: http://creditsmart.org.au/what-has-changed

In short, it's always a good idea to keep an eye on your credit score as this is a good indicator of how banks or credit providers may view an application your put forward, but also will let you know how to improve your credit rating and even if someone (other than you) has applied for credit without your knowing!

I've used https://www.creditsavvy.com.au/ to get their free credit report in the past which is almost instantaneous once you've completed the set-up. You may be able to get more detailed reports by paying but this should be a good start for you.

I hope you found this useful!

Regan Isaac
Financial Adviser
P: (02) 9251 5558
E: risaac@announcer.com.au
W: www.announcer.com.au