How To Fix A Bad Credit Rating

Market Insights
8 years ago
2 minutes

Credit - that scary word that makes everyone wince.

For many first home buyers, credit ratings can affect not only how much you can loan, but also the interest rate you’re given

Did you get a credit card for a naughty weekend away, and have been threatened with a default or two - well, the good news, is you can fix it - but there is a process.


1) Discover your credit file

Ever wondered why a recent application was rejected?

Well despite what you may think, you can actually get your credit file, and usually, you can get it for free.

There are a few ways; firstly, you can request a free credit file by going to MyCreditFile website and filling in the online form, or you can contact Veda Advantage via the traditional method of post and fax (this is due to apparent security reasons).

Included in your application needs to be the following:

- Your full name, date of birth and a driver’s licence number
- Two forms of identification including your driver’s licence, passport, birth certificate or an official ‘proof of age’ card - as well as two document issued by an official body such as a bank statement, rates notice or electricity bill.
- Current and any previous residential addresses
- Your current employer and your previous employer
- The name of the organisation in which you last applied for credit
- A daytime telephone number
- How you would like your file sent to you (mail, fax or email)

Contact Veda by mail: PO Box 964, North Sydney, NSW, 2059
Contact Veda by fax : (02) 9278 7333

2) Get your highlighter out and create a plan of action

Have a look through your credit file and find the grey and black marks (points in your credit history where you have struggled) and record the date, and how long it remains on your file.

Once you have done this, it is time to honestly assess how long it will take you to sort out the problems on your report.

Credit-marks expire on your account, and some may only last a few months or so - never feel trapped, you can fix almost anything!

3) If you are feeling overwhelmed, consider a Credit Repairer

You may not feel like you are well-equipped to do this yourself.

If this is the case, seek advice from a credit repairer. As you may have guessed, they can help you iron out the creases in your credit history.

Within your credit file, there may be inaccurate claims, to which the credit repairer will help refute - ultimately erasing them from your file.


All is not lost, you have the tools to fix it!