Protecting yourself from credit identity theft
Credit identity theft is a growing problem in Australia and around the world. It occurs when someone obtains your personal information, such as your name,
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Credit repair is the process of identifying errors, inaccuracies, or negative listings on a person’s credit report and taking steps to remove or correct them. These negative listings could include things like late payments, defaults, bankruptcies, or court judgments. Credit repair aims to improve a person’s credit score, which is a numerical representation of their creditworthiness based on their credit history.
A low credit score, of 624 and below, can limit a person’s ability to access credit, such as loans or credit cards, and can result in higher interest rates or less favourable terms. By improving their credit score through credit repair, individuals can potentially access better credit options, lower interest rates, and even improve their chances of getting hired for certain jobs that require a credit check.
Credit Genie has the expertise and knowledge to review a person’s credit report, identify errors or negative listings, and work with credit bureaus and creditors to dispute and remove them. They can also provide guidance and advice on improving credit habits and building positive credit history.
A credit score is a numerical representation of the information included in your credit report. It is utilised by lenders to determine your creditworthiness or how likely you are to repay loans and finance. A higher credit score means that you are considered a more responsible borrower, increasing your chances of being approved for credit, such as a credit card. In contrast, if you have a default and multiple credit enquiries from other banks, a provider may reject your application. Credit Genie aims to repair a customer’s credit listings whenever possible, improving their chances of being approved for credit.
It’s important to note that credit repair is not a guaranteed quick fix and the time it takes to repair your credit score can vary depending on the individual case. While some listings may be removed in as little as 30 days, others may take longer. It’s also important to note that not all negative listings can be removed, especially if they are accurate and lawful. However, Credit Genie has a proven track record of success in helping individuals improve their credit score and increase their chances of obtaining finance.
Repairing your credit file can help you in several ways, including:
It’s important to note that obtaining your credit history requires your authorisation and consent. Credit Genie will not access your credit history without your permission. Once we have your credit history, we will conduct a thorough assessment of your credit file to identify any incorrect or unjust listings. We will then negotiate with creditors and credit reporting agencies on your behalf to remove or adjust these listings, aiming to improve your credit score.
Credit Genie will investigate the negative listings on your credit file to determine if they have been placed correctly. This includes requesting information from credit providers, such as copies of notices and file notes, to ensure that the listing is accurate and lawful. If there are grounds to remove the listing, Credit Genie will work to have it removed completely.
Once we have identified any errors or inaccuracies in the credit provider’s process of listing the default, we prepare a dispute on your behalf. This dispute is then sent to the credit reporting agency responsible for listing the default.
The credit reporting agency then has 30 days to investigate the dispute and provide a response. If they find that the default was listed incorrectly, they will remove it from your credit report. If they find that the default was listed correctly, we may need to escalate the dispute to the relevant ombudsman or tribunal for further review.
Throughout this process, we will keep you informed and updated on the progress of your case.
At Credit Genie, we have strong relationships with credit reporting agencies, and we use our expertise and experience to negotiate on behalf of our clients to have negative listings removed or corrected as quickly as possible. Our success rate is high, and we strive to deliver results in a timely manner.
Credit providers are required to follow specific procedures before adding a negative listing to a customer’s credit report.
The customer must receive a final bill no less than 44 days before being listed.
The credit provider must send a default notice to the customer’s most recent address, ensuring that it is received no later than 14 days before the default listing is made.
A credit provider may only make a negative credit listing for an account that is at least 60 days past due.
Credit providers often fail to comply with important procedures when listing negative credit items, which can result in incorrect listings and damage to one’s credit score. For instance, although a demand letter may specify a 30-day notice period, the credit provider may still list the negative item prior to the lapse of this period. Additionally, a default notice must contain specific information, such as the amount owed, payment options, and the deadline for payment, as well as communicate an intention to list a payment default if the debt remains unpaid.
Credit repair involves examining the procedures used by creditors and identifying areas of non-compliance with state and federal laws. If a default listing is deemed invalid, we can work to fix your credit report more easily.
It is crucial for negative listings to be recorded accurately, including information such as the amount owed, entry date, status, and nature of the listing. However, it is common for creditors to make errors while entering this data, which can be detrimental to the consumer.
Furthermore, if a consumer disputes a bill with a creditor, the provider should not add a negative credit listing unless the dispute has been resolved. Unfortunately, creditors often list a payment default even when the account is under dispute.
If a consumer contacts a creditor and informs them of their inability to make payments, the provider may be required to offer financial relief such as freezing the account, altering the payments or adjusting the term. Failure to offer financial relief may be in violation of legislation and industry practices, and a negative listing should not be entered on the credit report.
In extreme situations, such as serious illness or family tragedy, extreme hardship can be used as a negotiation platform to remove negative credit listings. At Credit Genie, we evaluate such cases on a case-by-case basis and offer assistance to help you improve your credit report.
If you need help repairing your credit report, contact us to get finance on your terms, when you need it.
Credit Genie Pty Ltd specialises in providing effective credit fix solutions to clients by utilising the most effective methods available. Our team of highly trained and motivated consultants have helped hundreds of Australians repair their credit files and increase their credit scores, enabling them to achieve financial freedom once again.
At Credit Genie Pty Ltd, we are committed to helping our clients regain financial control and stand by their legal rights. We believe that people should not have to suffer due to the negligence and disregard of others. Our solutions are transparent, simple, and designed to expedite the process as much as possible. With our assistance, you can get back on track and confidently apply for finance again.
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