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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Having a negative listing on a credit report can significantly impact a person’s financial life. Credit providers are becoming increasingly risk-averse, meaning even the smallest credit issue, such as a late payment, can make it difficult to secure credit. Negative listings like credit defaults, court judgments, or bankruptcy make a person appear risky to lenders. As a result, they may struggle to gain access to financial support and, if they do, may be offered higher interest rates.
In Australia, millions of negative credit defaults are made each year, and many of them may be incorrect or faulty, making them contestable. The issue is compounded by the fact that many credit providers use computer systems to approve credit applications. These systems can automatically reject applicants with negative listings, even if they are contestable or inaccurate.
The negative impact of a credit default or other negative listings can last for years, with some remaining on a credit report for up to seven years. During this time, a person may struggle to access credit or secure favourable interest rates. This can make it difficult to purchase a home, buy a car, or even obtain a credit card.
To improve your chances of securing credit, it’s essential to regularly monitor your credit report and address any negative listings promptly. In some cases, negative listings may be incorrect, and disputing them with the credit reporting agency or creditor can lead to their removal. However, disputing negative listings can be a complex process and may require legal assistance. Credit Genie helps you navigate the process of removing negative listings and improving your credit score.
When a person is declined credit due to a negative credit listing, they often feel powerless and assume that there are no other options available to them. However, it’s important to understand that some negative credit listings may have been incorrectly listed and can be removed from the credit file, which would then increase the chances of securing credit.
For people with negative credit listings, there are credit providers who are willing to lend to them, but these facilities are often expensive with high fees and interest rates. This can often make the situation worse, leaving the person with even more financial difficulties.
It’s important to remember that a simple credit default can stay on a credit file for up to five years, affecting your ability to secure credit during that time. As such, it’s important to stay on top of credit reports and work to remove any negative listings that may be incorrect or contestable.
Contact Credit Genie to find out how we can help you.
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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