It is interesting how many people still do not understand, that financial speaking, their clean credit rating is their biggest asset.
On a daily basis we receive dozens of inquiries from Aussies looking for an unsecured personal loan or for a mortgage refinance. People just do not understand why a default, which is now paid, is still affecting their ability to borrow. In fact a paid default will remain on the credit report of an Aussie for a period of 5 years. Therefore, any loan applications that person will make over a 5 year period will be deemed as Bad Credit Applications.
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We live in a very forgiving society and people have a 'relaxed' attitude to their bills and ensuring that they make their payments on-time. Often a client will say, yes we always pay our bills - but we are always a little late. This is far more serious than they realize.
Firstly, despite all the advertising you may see in the media, it is just about impossible for an Australian to obtain an unsecured personal loan if they have any history of bad credit. Even a small paid credit card default will result in a decline. It does not matter if the default was your fault, if you were sick at the time, if the bill was lost in the mail etc. Once a default finds your way to your credit report the only way to qualify for a personal loan is to do all you can to have the default removed.
If in fact the credit problem was a result of a lost letter, a mistake by your credit provider, identity theft or anything else outside of your control - your best chance of addressing this problem is to try and remove the bad credit entry from your credit report. To do this you need to contact the provider who had placed the default on your report and explain the circumstances that led to your default.
If you are able to convince the credit provider and have your default removed you will once again be able to apply and qualify for a personal loan. If you are not successful in removing a paid default from your report you will not be able to obtain unsecured finance for a period of 5 years.
Many Australians are blissfully ignorant of this and are unable to borrow even relatively small amounts for a rental bond, furniture or education. Undoubtedly a time will come when children are taught the basics of credit history essentials in school. Until such time, articles like this one should be published to educate the unwary.
If you would like to find out more about cleaning your credit or applying for Bad Credit Refinance you can find out more through online research.
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