Top 3 Credit Repair Tips for 2024

As Australia’s #1 credit repair company, we specialise in removing defaults from your credit file. A credit default can stop you securing new finance of any type. If you do currently have a credit default, or you’re struggling to get approved for a new loan - reach out to us today, to see if we can help.

Better yet, however, is to not reach that point to begin with; don’t let it get to that stage. There are some simple things you can do to avoid credit defaults to begin with - and improve, and maintain your credit score regardless. A good credit score is going to serve you well in 2024 and beyond.

Here are our Top 3 Credit Repair Tips for 2024…

1. Pay Your Bills On-Time

With regards to your utility bills (electricity, gas etc.), your credit report will not generally show whether you’ve paid these on-time, month-to-month… but continuous missed payments (usually beyond 60 days) can lead to a credit default or alert on your credit file.

Loan repayments, on the other hand, will show on a month-to-month basis on your file. And so - repayments you make on-time to existing loans, will act as a ‘good marker’ for other potential lenders, showing you’re capable of repaying debt on-time and consistently. The more ‘good markers’ of continuous you have - the better. Debt can actually be a good thing for your file, providing you are repaying it!

2. Set Up Payment Arrangements

When people are unable to pay their bills on-time, lots of people make the mistake of avoiding phone calls, letters and emails about their missed payments, and try to ignore the situation. When it comes to finances and your credit history - this is the absolute worst thing you can do!

Most companies will work with you. Whether it’s for your electricity repayment, or a credit card repayment; companies would rather have you pay something than nothing, always. They would rather get something in place, even if it’s only $10, $20 per month or whatever you can manage at that time, relative to your repayment. This will be a lot better to them than $0, and also a lot better to them than being ignored, and not knowing if you will ever repay anything at all.

If you have any situations right now where bills are being ignored, and you’re worried or anxious - go ahead and call the relevant companies and speak to them. Most will be quite reasonable in putting something in place, and just get anything (anything is better than nothing) in place, in order to setup a manageable repayment schedule, and get your credit file showing green marks, avoid black marks and defaults, and build a reputable credit history so other lenders will have confidence in you.

3. Get a Small Loan or Credit Card

This one may seem a bit counter-intuitive.

A lot of people assume that extra debt is a bad thing for their credit file. Not necessarily, and in fact often the total opposite - providing you are up to date and repaying - it shows potential lenders that you’ve already been checked and vetted by others, and that you are sticking to your agreement.

If another lender can see that you’ve had X loan and repaid it, Y loan ‘on the go’ and have made multiple repayments recently - this is what gives them the confidence that you will likely repay them.

Now, I know you’re probably thinking ‘but that’s the point, I can’t get credit… and you just told me to stop applying!’, however most people are often simply applying for credit outside of their means. Perhaps you are trying to secure a $20k loan, and that’s just not going to happen right now. However, perhaps a $500 loan or small value credit card will absolutely be possible, and you can even seek out credit card lenders ‘for bad credit’, who don’t make hard inquiries on your credit file, and will give you a small credit card of $1k or a few grand, so that you can acquire it… use it, and repay it.

This can be a way for you to safely and quickly improve your score - then get the credit you need.

Contact Us Today for Credit Repair Help

If you’ve tried all of the above, or are unsure even what your credit score is - we can get a credit report to you, explain everything and help remove any credit defaults you may have.

Just take a look at what our happy customers have had to say…