Ensuring Accurate Credit File Data

Checking the authenticity of information on your credit file on a regular basis is imperative to financial well-being!

Living in our modern society requires most people to be able to borrow money, to buy their dream home or simply finance a motor vehicle. Have you given any thought to what it would be like not to be able to borrow money? You may be surprised that hundreds if not thousands of Australians have this problem.
The problem is because they a black mark on their credit file. One way to avoid having this problem is conduct a credit report check on yourself every (6) months so that any black marks appearing on your credit report may be identified and dealt with immediately.

You should never apply for any form of finance until you have conducted a credit report check and mark sure a black is not noted on your credit file. Defaults are the most common black mark that appears on a credit file. Defaults come about by simply not paying your bills on time and the creditor listing your name with a credit reporting agency. Australia has (2) main credit reporting agencies Veda Advantage and Dunn & Bradstreet. Defaults remain on your credit file for (5) years and may stop you from borrowing money during that period.

The credit reporting agencies rely on lenders listing your information with them as to the accuracy of the information recorded. Accordingly, it is up to you to regularly conduct a credit report check on yourself to identify any mistakes or inaccuracies. The large banks and other creditors do make mistakes; it’s up to you to challenge them.

Identity fraud is sweeping Australia in epidemic proportions, by constantly conducting a credit report check every (6) months, you will be well positioned to pick up in the billing cycle of bills which have been fraudulently listed against your credit file. Should you identify a problem it is important to understand your rights including the concept of credit repair, which is the process of repairing incorrect or inaccurate listings that appear on your credit file.
Creditors are bound by law to investigate and fix incorrect listings that appear on your credit file. Therefore by conducting a credit report check regularly you are able to put creditors on notice a mistake has occurred, they are bound to investigate and repair the damage normally within 30 days.

Credit reporting agencies such as Veda Advantage offer a subscription service for a small fee that alerts you about any activity that is recorded on your credit file. This service alerts you and saves valuable time in that you do not have to constantly conduct a credit report check yourself. To have a bad credit rating will affect you by preventing you from getting a home loan or any other form of credit. You may even be prevented from obtaining a phone contract or obtaining utility services such as electricity or water.

If you follow these simple tips you can avoid having this problem:

• Always pay your bills on time
• Protect yourself from identity fraud
• Regularly conduct a credit report check of your credit file or subscribe to an alert service.
• If a problem is detected act immediately by contacting the creditor and challenge the same.

Do not fall into the trap of believing a black mark on your credit file is not a big deal. In today’s financial environment even a small black mark will stop you from getting the finance you need. In most cases by the time the default is discovered it is too late. Preventative measures are what is required to ensure financial well being and credit worthiness.
If a problem on your credit file is discovered you are legally able to challenge the same. Feel free to contact the team at Joseph Trimarchi & Associates to see how we may be of assistance.

Joseph Trimarchi & Associates.
Credit Repair Lawyers.
March 2013.