Bad Credit Repair

Have your loan applications been declined by lenders due to your credit history? Remember, that Credit Repair takes time.

The first step towards Bad Credit Repair is to obtain a copy of your own credit report. You need to see the problem before you can work towards resolution.

It is possible to challenge any listing that appears on your credit report if you believe that it is inaccurate. If the comments on your credit report are found to be false then they can be removed from your record. Listings on your credit report that cannot be substantiated must be removed.

If information appearing on your credit report is factual, only in time will you see this information removed. Listings will fall-off your credit report when they expire. For example, details of bankruptcy will be removed 7 years from the date of your discharge.

It is important that you avoid any activity that will adversely affect your credit history. This includes:

Bankruptcy
Home Loan Arrears
Credit Card and Loan Defaults
Late Utility Bill Payments
Court Judgments

In the long run these actions can seriously damage your ability to qualify for credit. Once an undesirable entry makes it’s way on your credit report, all you can do is wait.

Remember that a paid default will still affect your ability to borrow – hence timely payment of all bills is essential.

Some simple tips for developing healthy financial practices are:

Budget to determine what you can afford
Spend less than you earn
Minimise the use of Credit Cards
Switch your expensive debt into cheaper credit facilities
Pay off existing debts as soon as possible.

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