Five things you should know about Credit Repair

Credit Repair helps finance brokers write more loans

There is a common misconception in broker-world that it is best to show a credit impaired client the door. Many brokers report not wanting to waste time with these clients because they think it’s going to be time consuming to work through their issues. And they also think that the credit impaired client must have deserved their poor credit rating.

But one of the largest aggregators in Australia has taken a very different view and with outstanding results. This group has written 60M more in loans because they sent their credit impaired clients to a reputable credit repair company who achieved a 92% success rate clearing the credit reports of their credit impaired clients. The benefit to the broker is that every lead, impaired on not, can potentially turn into a deal.

This builds a reputation that these brokers are “can do” brokers who look after their clients. It also increases the broker’s profile in their organisation as someone who is writing a high volume of loans from a wide variety of leads. Credit Repair is highly successful if you use a reputable company Finance Specialists are sometimes suspicious about how credit repair works and if it can really assist their clients. The last thing a finance specialist wants is to refer a client to a credit repair company who charges high fees and makes promises they cannot keep. In this scenario the client quickly starts to hassle the broker when the results do not eventuate and the broker doesn’t have the time or energy to deal with it.

But credit repair performed by experienced and committed credit repair company works most of the time. These companies charge realistic fees, give average timeframes for the work, have high success rates (over 80%), and make no promises they cannot keep. They employ skilled negotiators to do the work, people who will fight for your client’s right to a correct credit file.

But I hear you ask – how does credit repair work? And how can these listings be removed? The reason these listings can be removed is that they were placed in error in the first place. The client should never have had a default, judgment or writ placed on their credit file.

Credit repair companies ask credit providers (financial institutions, energy and Telco companies, etc.) to verify that they have followed the rules when they placed the adverse listing/s. Reputable credit repair companies report that in up to 80% of cases credit providers do not follow the rules so the listing must be erased from the credit file.

Credit Repair is easy for brokers

Finance Specialists sometimes think that referring a client for credit repair will create unnecessary hassles for them. They do not want additional paperwork, nor do they want a client hassling them about the outcome of their credit repair case. Some brokers are also concerned that credit repair companies might sell their lead on to another broker to write the loan after the credit repair is done, or that the credit repair company will write the loans themselves.

But reputable credit repair companies have relationships with brokers and other finance specialists where they refer a client to them, the credit repair company does the credit cleaning for that client (keeping the referrer in the loop), and then the credit repair company advises when the file is cleared, so the broker can then write the loan.

Reputable credit repair companies do not write loans and they do not sell one broker’s leads to another broker. They build relationships with brokers and other finance specialists based on trust and results.

Credit Providers are thankful for Credit Repair

Because there is a defined process that credit providers must follow prior to placing a listing on a credit file they are often thankful when credit repair companies alert them that one of their processes has failed. They are often keen to rectify this situation as quickly as possible because they understand the consequences of having an adverse listing on your credit report – high interest rates or not being able to get finance at all. Reputable credit repair companies work closely with credit providers and build relationships with them based on the rules that relate to credit reporting. They understand that credit repair companies are advocating on behalf of consumers because they have a legitimate right to a correct credit report. Credit Repair is needed by many Australians 1 in 10 Australians have an adverse listing (or “black mark”) on their credit file that prevents them getting the loan they want for a car, house or their business. These black marks can stay on credit files for up to 7 years even if the outstanding debt has been paid. This is especially bad news because not only could your client’s finance application be rejected but these black marks can trigger higher application fees and higher interest rates on a loan. Credit repair companies specialise in removing negative credit listings (defaults, judgments, and

Reputable credit repair companies work closely with credit providers and build relationships with them based on the rules that relate to credit reporting. They understand that credit repair companies are advocating on behalf of consumers because they have a legitimate right to a correct credit report. Credit Repair is needed by many Australians 1 in 10 Australians have an adverse listing (or “black mark”) on their credit file that prevents them getting the loan they want for a car, house or their business. These black marks can stay on credit files for up to 7 years even if the outstanding debt has been paid. This is especially bad news because not only could your client’s finance application be rejected but these black marks can trigger higher application fees and higher interest rates on a loan. Credit repair companies specialise in removing negative credit listings (defaults, judgments, and

Credit Repair is needed by many Australians 

1 in 10 Australians have an adverse listing (or “black mark”) on their credit file that prevents them getting the loan they want for a car, house or their business. These black marks can stay on credit files for up to 7 years even if the outstanding debt has been paid. This is especially bad news because not only could your client’s finance application be rejected but these black marks can trigger higher application fees and higher interest rates on a loan.

Credit repair companies specialise in removing negative credit listings (defaults, judgments, and writs) and have helped thousands of Australians with credit file issues, putting them back in control of their finances.

In the UK where positive credit reporting has been in place for 10 years, 1 in 5 Britons have an adverse listing on their credit report. With positive credit reporting having begun in Australia recently the numbers are likely to match the UK before long. Now is a good time to build a relationship with a credible and respected credit repair company to assist your clients with their credit repair needs. It will ensure you are known as a “can-do” finance specialist and allow you to write the maximum amount of loans from a wide variety of leads.

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