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Help with loansPoor credit score? You don't have to pay to start fixing it
Received a credit report and found a loan on it you never had? Or some other mistake? You don't have to spend money to get it fixed.
If you have never seen your credit report you should. It's important for how banks perceive your credit worthiness, and it may impact the interest rate you are offered on personal loans. You can find out about credit reports here - and the good news is getting one is free.
The first thing to do is to read carefully through your credit report, make sure all the information is up to date and correct. Your report will include your current and past loans, credit card payment history, credit enquiries you have made and any directorships, such as on a nominee company to run your home business.
If you find an error, even a big one, don't panic, you have options.
Your first point of contact is the credit reporting agency that sent you the report. They can fix any contact details that are wrong, and may be able to remedy more common errors, like a loan being listed twice or incorrect amounts for loans.
If the error has been made by your credit provider you need to collect your records, note the errors and contact the provider.
Potential mistakes to look for include:
- Listed an overdue debt as a default while you were disputing it.
- Did not recognise that a payment plan or change in loan terms had been put in place.
- Incorrectly listed a payment as two months overdue.
- You were not notified about an unresolved debt.
In these types of circumstances you need to contact the credit provider and seek correction of the details.
Just remember, if the details are correct you cannot expect the provider to remove it from your records, even if it is impacting your credit score.
Know your rights
However, if you believe you have been unfairly dealt with you can contact The Australian Financial Complaints Authority and have your case independently reviewed for free. If the authority finds in your favour the decision is binding on the credit provider, and it must comply with directions from the authority.
The Australian Securities and Investments Commission on its Moneysmart website recommends you avoid paying companies that claim to be able to "clean" your credit report, as it's likely not achievable.
It's also good to be mindful of identity theft. If you believe you have fallen victim to this type of predatory crime, contact the police and your bank, and change your passwords.
Any advice is general advice only. It was prepared without taking into account your objectives, financial situation, or needs. You should also obtain and consider the relevant Product Disclosure Statement and terms and conditions before you make a decision about any financial product. Investors are advised to obtain independent legal, financial, and taxation advice prior to investing. Past performance is not an indicator of future performance.
Received a credit report and found a loan on it you never had? Or some other mistake? You don't have to spend money to get it fixed.
If you have never seen your credit report you should. It's important for how banks perceive your credit worthiness, and it may impact the interest rate you are offered on personal loans. You can find out about credit reports here - and the good news is getting one is free.
The first thing to do is to read carefully through your credit report, make sure all the information is up to date and correct. Your report will include your current and past loans, credit card payment history, credit enquiries you have made and any directorships, such as on a nominee company to run your home business.
If you find an error, even a big one, don't panic, you have options.
Your first point of contact is the credit reporting agency that sent you the report. They can fix any contact details that are wrong, and may be able to remedy more common errors, like a loan being listed twice or incorrect amounts for loans.
If the error has been made by your credit provider you need to collect your records, note the errors and contact the provider.
Potential mistakes to look for include:
- Listed an overdue debt as a default while you were disputing it.
- Did not recognise that a payment plan or change in loan terms had been put in place.
- Incorrectly listed a payment as two months overdue.
- You were not notified about an unresolved debt.
In these types of circumstances you need to contact the credit provider and seek correction of the details.
Just remember, if the details are correct you cannot expect the provider to remove it from your records, even if it is impacting your credit score.
Know your rights
However, if you believe you have been unfairly dealt with you can contact The Australian Financial Complaints Authority and have your case independently reviewed for free. If the authority finds in your favour the decision is binding on the credit provider, and it must comply with directions from the authority.
The Australian Securities and Investments Commission on its Moneysmart website recommends you avoid paying companies that claim to be able to "clean" your credit report, as it's likely not achievable.
It's also good to be mindful of identity theft. If you believe you have fallen victim to this type of predatory crime, contact the police and your bank, and change your passwords.
Any advice is general advice only. It was prepared without taking into account your objectives, financial situation, or needs. You should also obtain and consider the relevant Product Disclosure Statement and terms and conditions before you make a decision about any financial product. Investors are advised to obtain independent legal, financial, and taxation advice prior to investing. Past performance is not an indicator of future performance.