• What is a credit file?
    A credit file contains personal and financial information about you and your credit activities. Your credit file contains the information creditors will use when evaluating your credit rating or determining your credit worthiness.
  • What is on my credit file?
    Your credit file can include information such as your name, date of birth , address, employment history, a list of creditors who have viewed the report (enquires), defaults or judgments, any late payments, bankruptcies, clear-outs, crossed or linked files, name changes for additional information refer to: http://www.mycreditfile.com.au/faq/
  • Who maintains my credit file?
    Your credit report is maintain and provided by a credit reporting agency such as Veda or Dunn & Bradstreet.
  • How was my credit file created?
    In most cases your credit file was created when you first applied for some form of credit. Creditors will ask for permission to provide and review your credit information with reporting agencies, as part of your credit applications. Credit reporting agencies then use the information to create and update your credit file. For more information, please contact us for a free, no obligation chat.
  • Can my credit file affect me?
    A creditor will check your credit file when you apply for credit. Negative listings on your credit file will likely result in your credit application either being declined, or in some cases possibly being accepted, but at a higher interest rate.
  • What is a default?
    A default is also known as an ‘overdue account’ of $100 or more, that is 60 days or more overdue and is a type of negative listing.
  • Who has access to my credit file?
    The creditor will include terms in the credit application authorising them to access your credit report. Creditors will check your credit report for any negative listing to assess your credit suitability. You may authorise an agent such as Budget Credit Repair to obtain a copy of your credit file/report.
  • What is a credit rating?
    A credit rating is a complex estimate of your credit suitability to pay a loan and is based on a number of factors, including your past financial behaviour (your credit file). At this time there is no universal rating system for Australian consumers, for more information please feel free to contact us for a free no obligation chat.
  • Why should I repair my credit rating?
    A bad credit rating will prevent you from securing credit. It may also save you thousands of dollars every year by allowing you to get loans at lower interest rates.
  • How can I improve my credit rating?
    To improve your credit rating, the negative listings will need to be removed from your credit file and this is what Budget Credit Repair Specialises in.
  • How did I get a negative listing?
    Negative listings are usually listed on your credit file by creditors because you have not paid a due debt.
  • If I pay the negative listing, will it be removed?
    No, paying the negative listing without the Budget Credit Repair credit file restoration process will not result in the creditor removing the negative listing from your credit file and may prevent you from being approved for credit.
  • How many people have a negative listing on their credit file?
    Approximately 1 in 5 Australians have a negative listing on their credit report, resulting in them being declined for credit. Budget Credit Repair specialises in getting negative listings removed.
  • How much “bad credit” does it take to be declined?
    A $100 bill paid late can result in a negative listing being applied to your credit file, for up to 5 – 7 years, which will prevent you from being approved for credit, or being accepted, but at a higher interest rate. Any negative listings can stop you from being approved for credit. Paying the outstanding debt will still leave you with a negative listing.
  • How do you remove the negative listing?
    Budget Credit Repair removes negative listings through our complex credit restoration process that has been developed to maximise the removal of negative listings.
  • What is your success rate when removing negative listings?
    Budget Credit Repair will publish its average success rate on our website, budgetcreditrepair.com.au.
  • Do you charge a fee to remove a negative listing?
    Yes, we charge a fee for every negative listing we successfully have removed on your behalf, in addition to an administration fee.
  • How long can credit restoration take?
    Once you return all the necessary forms, our resolution process can be as fast as 10 working days. However Budget Credit Repair is restricted by limiting factors outside our control such as creditor’s and other organisations response time.
  • Do you provide a guarantee?
    No, apart from the upfront administration fee, we only charge on a ‘no win no fee’ policy regarding the removal of negative listings. Budget Credit Repair has a history of providing consistently high results for our clients.
  • Can you guarantee that a negative listing will be removed?
    Budget Credit Repair is unable to guarantee the removal of a negative listing. It is highly inappropriate for any organisation to guarantee that a listing will definitely be removed, as the service provider does not make that decision.
  • What are the benefits of credit repair?
    The benefits of Budget Credit Repair, credit repair process include; being credit ready, approved for finance, reducing interest rates, reducing upfront and ongoing fees, reducing repayments and potentially saving you thousands of dollars.
  • Is credit repair legal?
    Yes, the credit repair process is legal and is used around the world. Budget Credit Repair’s process has been legally verified and approved.
  • What happens if my case requires legal advice?
    Budget Credit Repair do not employ solicitors, however we do employ people with a range of legal and credit experience to assist with general information and can refer you to legal specialists.
  • What is Debt Settlement?
    Debt settlement is an offer to your creditors to pay the debt out at less than the full amount.
  • What does insolvent mean?
    You are technically insolvent if you can’t make a payment on the due date.
  • What is provable unsecured debt?
    Examples of provable unsecured debt include personal loans, credit cards, personal loans, phone/utility/medical bills and the shortfall from secured debts etc.
  • Who is ITSA?
    The Insolvency and Trustee Service of Australia (ITSA) is the government body responsible for administration and regulation of the personal insolvency system in Australia. Including services as Debt Agreement process, Personal Insolvency Agreements, Bankruptcy and other insolvency matters.
  • Why would I become Bankrupt?
    You would usually become bankrupt if you had no other option to resolve your debt, or your creditors force you into bankruptcy.
  • How long does Bankruptcy last?
    Bankruptcy usually lasts 3 years, however this period may be extended up to 13 years through an objection by the trustee. Bankruptcy remains on your credit file for 7 years.
  • What is a provable debt in Bankruptcy?
    A provable debt is a debt for which a claim can be made in your bankruptcy. In a Bankruptcy this includes most debts, however not all debts.
  • Can my creditors still contact me for payment after I become Bankrupt?
    No. The Bankruptcy Act prevents creditors from receiving money from you if those debts have been listed in your bankruptcy. If your creditors contact you for payment you should contact your trustee immediately.
  • What happens if I get into debt after I become Bankrupt?
    Your bankruptcy will only cover debts you incur before you become bankrupt.
  • How will Bankruptcy affect my credit rating?
    Bankruptcies are listed on the National Personal Insolvency Index (NPII). Bankruptcy remains on your credit file for 7 years.