Credit Repair in Melbourne
Have you checked your credit report or credit score and discovered it could do with improving? Or perhaps you’ve applied for a mobile phone plan, a loan or credit card and you’ve been rejected.
Your credit report, and the related credit score, is a record of your history with managing credit and paying your bills on time. Banks use this information to determine how creditworthy you are, or the likelihood that you will pay back any money that they lend you.
The better your credit report the higher your credit score. Higher credit scores generally result in more favourable credit terms, such as the interest you will need to pay. A low credit score might mean that banks refuse to lend you any money.
A bad credit score could be what stands in your way of you living your best life in Melbourne.
Don't let bad credit make you miss out on opportunities in Melbourne
A high credit score will make it easier to qualify for mortgages, personal loans, and car loans, start a business, and, in some cases, secure a job. A bad score can lead to banks being reluctant to lend to you or charging you higher interest rates. It can even affect your ability to get a mobile phone plan and reduce your rental options.
If you are considering applying for any of these, it is a good idea to know your credit score before you apply, as it will help you avoid receiving a rude surprise if you are rejected.
If you discover that your credit score could do with improving, all is not lost. Wherever you are in Melbourne, you can work with the Fix Bad Credit team to improve your credit score today. Once we have helped you improve your credit score you will be in a better position for your application to be approved.
All you need to do is take the first step by calling 1300 729 757 for a free, no obligation credit assessment.
How does bad credit happen?
Whenever you take out a loan or use your credit card, you are essentially borrowing money with the intention of paying back the bank or the creditor over an agreed period of time. In return for the finance provider paying the total sum now, which allows you to have the good straight away, you agree to make regular payments of an agreed amount, on an agreed date, until the contract has been fulfilled.
Any time you make a late payment or miss one altogether, the credit provider will notify the Credit Reporting Agency (such as Equifax or Experian). The Credit Reporting Body use this information to produce your credit report, which is your history of managing credit. When payments are late, or missed, this will be noted on your credit report, and is referred to as a black mark.
The information on your credit report is used to calculate your credit score. Your credit score sums up the information on your credit report into one number, designed to represent your credit risk, or the likelihood that you will pay your bills on time. The higher the score, the more creditworthy you’ll likely appear to reputable financial institutions, like banks. Essentially, the better you are at paying your bills on time, the higher or better your credit score will be and the more likely you will be able to borrow more money in the future. A bad credit score could result in you being denied credit or having to pay more interest.
A low credit score can cost you thousands, with the risk of being offered higher interest rates, or even worse, refused credit altogether. But the Fix Bad Credit team can help you improve your credit history, ensuring you are in the best possibly position when applying for new credit with a range of credit repair solutions.
Our Credit Repair Experts will...
Identify Your Current Credit Situation
Your own personal credit repair expert will review your credit score and report for free, identifying your credit issues and assessing how you can improve your credit worthiness. Fix Bad Credit has a professional relationship with the credit reporting agencies in Australia and a great understanding of what information in your credit report is impacting your credit score.
Provide Options For Improving Your Credit Score
Your history of managing credit may prevent you from obtaining finance for 5 – 7 years. You will receive personalised, individually tailored options for you to consider for improving your credit.
Work To Improve Your Credit
Your personal credit repair expert will then gain a clear understanding from you on the circumstances in your life at the time of the negative listing(s). The Fix Bad Credit legal team will then request the over 70 documents from your creditors. Once they receive these they will review, investigate, and audit each document to identify legislative and compliance breaches. We then notify the credit provider of the breach, requesting it be removed.
Support You To Get Future Credit Applications Approved
It’s important that you're not just left to it once we've fixed your current credit situation. Fix Bad Credit will continue to work with you to keep you in the best financial shape possible, monitoring your credit score and identifying potential problems before they affect your financial well-being.
The Fix Bad Credit Way
Whether you’re looking to improve your credit score or review your current financial situation, the Fix Bad Credit team can help you with a plan that will be tailored to your personal circumstances, wherever you’re located in Melbourne. We will work with you to understand your individual circumstances so that we can provide the best plan for you. It is our mission to get you back to living your best life and we will stay on the journey with you.
You will work closely with one of our credit repair experts and have continuous direct contact with them
Finding Proactive and Reliable Credit Repair Solutions in Melbourne is easier than you think:
Do you know your credit score and what is on your credit report? You’ll probably be blown away to learn that 73% of Australians simply are not aware of what information is currently on their credit report or have no idea of their credit score. WOW!!
At Fix Bad Credit we believe in proactive credit solutions that allow you to understand and be aware of any concerns before you even apply for credit.
For over a decade, the professional team at Fix Bad Credit have provided their unparalleled expertise in assisting everyday Melbournians, just like you, to ensure they are in the best position possible, as we work with you to get you approved for credit.
Frequently Asked Questions
- How is my credit score calculated?The three major Credit Reporting Agencies in Australia – Equifax, Experian and Illion, use their own complicated algorithm, or calculation, to calculate your credit score, based on the information in your credit report at the time of calculation. Both your negative and positive credit-based behaviours are included in the calculation.
- Does it cost to check my credit score?No, you can request a free copy of your personal credit report online from the three Credit Reporting Agencies.
- Equifax (previously known as Veda).
- Experian Australia
- Illion (formerly trading as Dun & Bradstreet Australia)
- Is there a difference between credit score and credit rating?No, credit score and credit rating mean the same thing.
- Why does my credit score matter?Your credit score matters because it costs you money. Credit providers, such as banks and other lenders, use your credit score along with the information in your credit report, to assist in deciding whether to lend you money, how much they will lend you and at what interest rate. A low score can lead to companies being reluctant to lend to you or charging you a higher interest rate. If your credit score is high, you might be able to get better deals from phone and internet providers and insurance and power companies.
- My credit score is low, how did that happen?You can have a low credit score for many reasons, such as if you pay your bills late, or not at all, if you make a large number of credit applications in a short period of time, are made bankrupt or have a court judgement, or even if your partner defaults on a debt that was in both your names.
- What do I do if there is an error on my credit report?Many Australians have errors on their file. It might be identity theft, or just a simple mistake by the lender. If there’s a mistake on your report, you’ll need to contact:
- Your credit provider
- The credit reporting agency
- The office of the Privacy Commissioner – if need be.
- Why do I need to check my credit score?Many people don’t realise they have a credit problem until it is too late. Over 70% of Australian’s don’t know their credit score. Most people only find out they have a credit problem once they have been declined finance. At Fix Bad Credit, we believe the best approach is to know your credit score before you apply for credit. If you rely on your lender to discover your credit problem, you are in no position to negotiate for a good deal, potentially costing you tens of thousands of dollars in higher interest rates.