Equifax offers a free credit repair service for individuals to help you to understand what is listed on your credit file and if it's possible to perform a credit repair.
Equifax offers a free service to investigate errors on your business credit report so your business profile is correct and up to date.
If you are finding it difficult to get credit, think twice before paying for the services of a company that claims they can "repair" your credit report/history. Some companies claim to be able to remove negative information from your credit report and charge you to do so. This can often cost over $1,000.
If you have inaccurate information on your credit report you can lodge a correction request with the relevant credit provider or credit reporting body and they will investigate for free and correct the information if it is inaccurate.
Equifax will not remove information from credit reports unless that information is erroneous. The fact that information is inaccurate or wrong does not mean it must be deleted. If it can be corrected, it will be corrected but not deleted.
If you have been declined credit it can be a frustrating experience. Here are three simple steps you can take to find out why and to make improvements to apply in the future.
For anyone juggling payments and bills from various essential service providers, from electricity and phone connections to rent or a mortgage, getting on top of their credit score may feel like a looming goal. However, with a few changes, you can begin to repair an unfavourable credit report.
Credit repair companies claim they can fix your credit report or clear your credit history. Be careful of ‘credit repair' style organisations. Some companies claim to be able to remove negative information from your credit report and charge you to do so. This can often cost over $1,000 and it is likely you are required to pay up front.
Free services available to help
By contacting your credit provider or a credit reporting body they can investigate for free and correct information on your credit report if it is inaccurate. If you are still unsure on what to do you can also ask a financial counsellor or community legal service for advice.
In addition, if you are dissatisfied with the outcome of an investigation by the credit provider or credit reporting body you can utilise the services of the Ombudsman to which the credit provider or credit reporting body is a member. They provide their services free to consumers. Credit and Investments Ombudsman (CIO), The Financial Ombudsman Service (FOS) and Telecommunications Ombudsman Service (TIO) all operate Australia-wide. Each Australian State also has a Water and Energy Industry Ombudsman (e.g. EWON in NSW, and EWOV in VIC).
Need more information? ASIC MoneySmart also provides information on credit repair.