FAQ

Find below some of our most frequently asked questions. For further information please contact us by telephone on 1300 035 970 or alternatively complete our enquiry form located on our Contact Us page.
A Credit File is a collection of data that informs creditors about you, your reliability for credit and your credit history. Every time you make an application for a credit card, home loan, car finance, personal loan, In Store finance or any form of credit, the information on your credit file is reviewed by the lender to determine if you will be responsible for the amount you are asking to borrow. If there are any adverse entries on your credit file it may influence a credit provider to either decline your application or add a premium to the interest rate to compensate for the perceived added risk. Therefore, it is a good idea for you to review your credit file periodically to make sure the information in the file is accurate.
A 2004 survey conducted by Choice determined that over a third of all credit files contain errors or inconsistencies. If it is deemed that an adverse credit file listing has been added incorrectly or you believe the listing should have not been added at all, then there is a good chance that these can be removed and your credit file “repaired”. By succeeding in the removal of credit enquiries, late payments and clear-outs, you can improve your credit rating and improve your qualification for a loan or credit card, or reduce the cost of the loan offered.
There is no “one size fits all” approach to credit repair and as such the timeliness of the process can vary depending on a variety of factors. The majority of listings can be removed within 45-60 days however, some can have lengthy delays. Restore My Credit will ensure you remain informed throughout the entire process and we will endeavour to achieve your credit goals in the shortest possible timeline.
Restore My Credit works with over 200 finance and mortgage brokers across Australia and has achieved hundreds of successful default removals since its inception in 2012. Our dedicated staff are fully transparent, advocating for the client at all stages of the credit repair process. In additional to our free initial assessment our affordable fee structure contain no hidden fees. By removing a default/s Restore My Credit may enable you to obtain significantly cheaper finance not only through reduced interest rates but potentially lower entry and exit fees associated with your loan.
The Restore My Credit fee structure consists of two parts.
Our first fee is a fixed amount of $797 which covers the collation of information, client file establishment, research & assessment, creditor correspondence and creditor negotiations.
Our second fee is chargeable only on the successful removal of an infringement, which includes defaults, court judgements and clear-outs. This fee is $347 per removed infringement.
Scenario: Client A approaches Restore My Credit as they are unable to secure a loan at reasonable rates due to a poor credit rating which contains 2 personal defaults.
Outcome 1: Restore My Credit successfully negotiate the removal of the 2 defaults on behalf on the client. Total cost = $797 + $347 (Default 1) + $347 (Default 2) = $1,491.
Outcome 2: Restore My Credit make every effort to remove both defaults however, are unable to remove 1 of the 2 defaults. Total Cost = $797 + $347 (Default 1) = $1,144.
Outcome 3: Although unlikely, Restore My Credit are unable to remove any of the defaults. Total Cost = $797.
Every time you make an application for a credit card, home loan, car finance, personal loan, In Store finance or any form of credit, the information on your credit file is reviewed by the lender to determine if you will be responsible for the amount that you are asking to borrow. If there are any adverse entries on the credit file it may influence a credit provider to either decline your application or add a premium to the interest rate to compensate for the perceived additional risk.
You Credit File may contain Defaults/Overdue Accounts, Court Judgements/Court Writs or Clear- Outs.
If you forget to pay, or was unable to pay a bill in excess of $150 and the bill becomes overdue, this information may be added to your file by the credit provider, this is referred to as a payment default
A Credit Rating is an estimate of the ability of a person or organization to fulfil their financial commitments, based on previous dealings.
As previously mentioned, an adverse entry or entries on your credit file could significantly impair your ability to obtain finance, rent a residential or commercial property or enter into a contracts such as with mobile phone providers etc. Should you however, be successful in obtaining finance you may be charged a risk premium. By restoring your credit file you may be eligible to obtain reduced rate finance potentially savings you thousands of dollars per annum in reduced interest payments.
If you forgot to pay, or were unable to pay a bill in excess of $150 and the bill becomes overdue, this information can be added to your credit file by the credit provider. This is referred to as a default. This default will remain on your file for a period of 5 years, even if the debt is paid.
No, unfortunately paying a debt does not mean that it will be removed from your credit file. A Default can remain on your file for a period of 5 years and a Clear-Out can remain for 7 years. This is a major reason why it is important to engage a professional to have them removed. If the debt is unpaid, please contact us prior to payment.
Restore My Credit have successfully removed hundreds of defaults from clients across Australia. Our experienced staff can successfully negotiate with creditors and complete the relevant statutory requirements. In order to successfully remove an infringement we need to prove that is was incorrectly listed in accordance with the Privacy Act 1988.
Restore My Credit have removed hundreds of defaults on behalf of its clients since inception. Our dedicated staff advocate for the client at all stages, striving for a mutually beneficial outcome. We do everything in our power to assist you.
Unfortunately we do not decide whether an infringement can be removed as there are varying factors that affect this decision. We will however, utilise our vast resources in its attempt.
It is possible to restore your own credit file, be prepared to allocate a decent amount of time and be patient. You will need to identify a contestable reason why the infringement should be removed and follow this up with strong negotiation skills.
Restore My Credit are not lawyers. Should we be unsuccessful in your negotiations you may wish to consider legal representation. This is completely separate to the Restore My Credit process and thus would likely attract a separate fee.
Restore My Credit’s highly trained negotiators can negotiate on your behalf both prior and post any infringements being listed against you. We can assist you reduce your payments, reduce you interest rate or enter into approved payment plans.