How to fix credit score?
How to fix credit score is vitally important if you have bad credit and can’t get a loan.
You’d be surprised how many people actually don’t know what is contained in their credit reports or how to fix credit score.
Here’s a snapshot of what is in your report:
How negative listings can affect your ability to obtain credit:
The above image is a front page of a Veda report.
You can see that there is a score on the report, running from -200 to 1200, red being bad, and green being good.
What does this mean?
The credit score above hows that this person only has a score of 365, which isn’t good.
A score needs to be around 600 or more for the score to be considered good (subject to bank’s credit criteria and other factors).
How to fix credit score:
You can obtain a copy of your credit report from either Veda or Dun & Bradstreet.
Both credit reporting agencies offer a free copy as well.
How can we help?
If you need us to go through the report with you to understand it, we are more than happy to do so.
Credit repair TOP TIP:
Mortgage brokers can also help you get a copy of your credit report, so see your local broker if you have one you like dealing with, or search up on local finance brokers, there are many great brokers available.
Yet Another Tip:
If you like, you can go to our website Credit Fix Homepage and click ‘Free Credit Report’ and we will order a free copy on your behalf.
Our team offer free and complimentary credit report reviews.
In brief, given the above credit score example, we can see that where someone has a bad score, this can have a negative effect on their ability to obtain finance.
What else is in my report and how to fix credit score?
Another area on your credit report that can have a negative impact on your credit score is the new accounts and repayments sections in the report.
These have been included due to the changes in The Credit Reporting Industry, which came into play in 2014.
Changes to the Credit Reporting Legislation:
Due to the changes in The Credit Reporting Industry, our credit reports now contain positive and negative information pertaining to our credit history.
Basically we moved from a UK based system to a US system.
These changes mean, among other things, that new information is now going to be listed on our credit reports (subject to the lenders reporting said information).
Therefore, this means there are more ways how to fix credit score.
You can contact our friendly team if you need help with your report, click: Our Services
The snapshot below shows how our loans can now be listed on our credit reports:
We are yet to see the impact on people’s ability to obtain finance as this section is new to our reports.
It is likely this will start to have new effects on our credit reports once the system is fully up and running.
Contact Us today:
Contact us today if you have a question about your report, go to www.creditfixsolutions.com.au/services and learn how to fix credit score.
Example:
For example, if you had 6 months late repayments in the last 12 months on your home loan, this could be reflected on your report, and could have a negative effect on your ability to obtain the best interest rates on a loan.
Of course, this is all theoretical at this stage, but in 2016 we will start seeing changes in our reports, and there will be new issues that we will need to tackle moving forward.
We will only start to see the negative impact on the new credit reporting laws in the coming months, as Lenders start recording this monthly repayment information on our reports.
At Credit Fix Solutions, we have been studying the US system and can help you if you have any problems with this in the coming future.
Go to our website for more details and FAQs about credit reports and the best credit repair: www.creditfixsolutions.com.au/faqs.
A finance broker should be used before applying for finance.
It is also important to remember to go to your trusted finance broker and don’t just apply online for loans. This can also have a negative effect on your credit rating.
Having a mortgage broker is a necessity for shopping around for the right loan, whether it’s a home loan or a small personal loan. If you inquire yourself too many times, even if it’s just on the internet or over the phone, you will start getting knocked back for having too many enquiries.
A mortgage broker will help you find the right loan for you without completing unnecessary applications or enquiries.
If you don’t have a local mortgage broker, you can find one through the MFAA or FBAA, which are organisations that accredited mortgage brokers have to belong to.
At Credit Fix Solutions we are here to help you overcome any negative listings on your credit report and our friendly team await your call 1300 43 65 69.
Remember it is better to be proactive than reactive!
So pay your bills on time by setting up Direct Debits, make sure your income is going into your account, and you will prevent any missed repayments having a negative effect on your credit report.
Contact our team today for more information on credit scoring, how to fix credit score, how to get your credit report or for any information on how to clear your bad credit Our Services
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