A number of Australians suffer from poor credit history owing to different reasons, and in numerous situations, there are steps people can take to repair credit.
If you, like many others, wish to get on the credit repair bandwagon, know that you should start by understanding what the process entails.
Knowing what goes into your credit file and monitoring it regularly is important.
Instances of people paying their loans off only to see that their loan providers have accidentally reported defaults are not uncommon.
If you don’t go through your file, there is no way of knowing if it contains any incorrect marks.
Since your credit file carries details of all credit accounts in your name, going through it can tell you if someone is using your personal information to apply for credit.
About Princeville Credit Repair Back to top Your credit file carries just about every important piece of credit related information about you.
You can, as a result, expect a relevant entry on your credit file each time you apply for credit, and every time you enter a contract for a service like an internet or a mobile phone connection.
If you default on any payments, the same finds a mention on your credit file.Court writs and summons stay on your credit file for four years; while payment defaults, credit enquiries, court judgements, and bankruptcy stay on the file for five years; mentions of clearouts and part 9 debt agreements stay in place for seven years; and instances of previous directorships and external administration will remain on your credit file for 10 years.Upon the closure of a credit account, its payment history cannot stay on your file for more than two years.As per the Privacy Act of 1988, every individual has the right to obtain a copy of his or her credit file, and you can contact a credit reporting agency to get a copy for free.If you need it urgently, you would have to pay a nominal fee.Checking your credit file from time to time is important because of two main reasons: There are instances when banks and other providers of credit process loans and other credit accounts incorrectly, which can lead to incorrect marks on your credit file.