Frequently Asked Questions
Can I really become debt free?
Our experienced team have been helping Australians get out of debt for over 10 years. No matter your unique situation, we have a solution to help you achieve a debt free life.
How can Fix Bad Credit help me with my debt?
Fix Bad Credit’s mission is to help you take control of your debt and achieve financial freedom. We will undertake a free confidential assessment of your current finances, taking the time to fully understand your unique financial situation to tailor the best debt solution options to meet your needs. We provide you with as much information as possible upfront, so you can make an informed and confident decision about the debt solution that’s best for your particular circumstances and budget. We then deal directly with your creditors, you only deal with the same friendly credit and debt solution expert that you have since day 1. We take care of the pain, so you can get on with living.
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)
Alternatively, you can contact us, and we can order your credit reports on your behalf, at no cost.
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.
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.
How much of my debt will I need to pay back?
Fix Bad Credit has a proud history of helping our members reduce the debt they need to repay by 40% – 90% of what they owed before contacting us. Every situation is different, but the sooner you reach out, the sooner we can assess your particular situation and provide the best debt solution options available to meet your particular circumstances and budget.
Is there a difference between credit score and credit rating?
No, credit score and credit rating mean the same thing.
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.
Alternatively, Fix Bad Credit can do this on your behalf. Contact us on 1300 406 172 for more information.
What does my credit score mean?
Anyone who has ever applied for credit has a credit score. The credit reporting agencies in Australia have a credit score range of either 0 – 1000; or 0 – 1200. The higher your credit score the better your credit history. A low credit score could mean you have a significant negative event on your file such as a court judgement or bankruptcy. You could also have a number of payment defaults along with several credit enquiries. A near perfect credit score suggests you have a long history of paying your bills on time, have not gone for multiple credit applications over short periods of time and probably have a mortgage and/or investment property, so have a positive record of being disciplined with credit.
Will this impact my credit rating?
Fix Bad Credit offers a wide range of debt solution options, many of which do not negatively affect your credit rating. We don’t just assist you with your debt, but we also work with you to improve your credit rating, putting you in a strong position to achieve future financial freedom.
Will my family/spouse find out?
Will I lose my house?
After our free no obligation assessment you’ll know exactly what your options are to set you on your way to financial freedom. We know how important your home is to you and will help you explore which options suit you best to help you gain back control of your life.
Will checking my credit score affect it?
Reputable companies, like Fix Bad Credit, will do a “soft” enquiry. This means that the enquiry won’t be listed on your credit report, and it won’t affect your credit score.
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.
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.
What is the difference between my credit score and a credit report?
Your credit report (or credit file) is the detail of your credit history to date, whereas a credit score is simply a number which is derived from the information on your credit report. Information in your credit report can include a full history of your credit enquiries, bill payments, any defaults, court judgments, bankruptcies and how much credit you have (such as a mortgage, car loan or credit cards).
What is Comprehensive Credit Reporting?
Comprehensive Credit Reporting (CCR), commenced in 2014. It changed the level of credit information that can be held in your credit report. Previously, personal credit reports only held negative information like credit defaults and enquiries. CCR includes positive credit information, such as:
- Account open and close dates
- Type of credit account such as personal loan or credit card
- Credit limit – the maximum amount available to you for an account
- Monthly repayment history on credit accounts such as mortgages or credit cards.
This positive information could positively influence your credit score and hence your credit worthiness in the eyes of the lender.