How To Repair Credit Score
From purchasing your first property to picking up a brand-new car, your credit score plays a big role in achieving your financial goals. If it’s been a while since you last checked your credit score, you could be in for a nasty surprise if you’re trying to get a loan approved.
In this blog, we’ll explore what a credit score is and what you can do to get your score back in the green.
What is a credit report?
A credit report is a detailed record of your financial history, including past bill payments, previous credit enquiries, court decisions and more. Your credit score is a number that summarises your financial history and is either excellent, very good, average, fair or poor.
Think of your credit score as an indicator of how well you manage money. So if a lender sees that you have a below-average score, they may not approve you for a loan as they believe you to be a risky borrower. That’s why obtaining a copy of your credit report is important, so there will be no surprises when applying for a loan. Three credit bureaus allow Australians to access their credit reports for free — Equifax, illion and Experian.
Credit repair in Australia — three ways to repair your score
If you find out that your credit score isn’t where you want it, there are a few things you can do to repair it and get back into the financial good books.
Address late bill payments
Late or unpaid bill payments are a big red flag to lenders, as they may critique your ability to repay, whether for a mortgage or personal loan. In this case, getting on top of your late bills as soon as possible is best to avoid further financial penalties.
Depending on your outstanding bills, prioritising the larger ones may be better and paying them off one at a time.
Lower your debt levels
From lingering credit card debt to the personal loan you took out years ago, high amounts of debt can not only limit your borrowing capacity but also take a toll on your credit score. One popular method to be debt-free is the snowball effect, where you pay off small debts before moving on to larger ones to keep things manageable.
Use a credit repair service
Sometimes, bills have a way of getting away from us, and if you are struggling to clear your debts, consulting with a credit repair company can help absolve this stress.
These companies work to resolve any negative marks on your credit history to get you back on your feet. And if you’re looking for a reliable and professional credit repair company, look no further than Real Credit Repairers.
Speak to a credit repair specialist today
Don’t let a poor credit score keep you from getting what you want out of life. As a results-driven credit repair company, Real Credit Repairers is transparent about what we can and cannot do. We aim to take care of credit issues within six weeks and won’t charge you if we cannot guarantee our work. Contact us today to find out more about our credit repair service.
