You might not know it, but every time you have asked about a home loan, every time you have registered interest in a credit card, every time you talked about getting a new phone plan, this information was placed on your credit history report. Your credit history is just what it sounds like, a history of everything to do with you and your credit. It contains your name, date of birth, addresses, and bills. Even your university or college fees are listed.
This list has been building since you opened your first bank account. You wouldn’t have noticed it back then, and you won’t now that you even have one it until you need to get your first credit card or your first loan. Then everyone wants a piece of it, and what is written on it might not be so good. You might not notice anything bad when you get your first credit card, because it’s not usually until later in life that events start piling up. Phone bills, credit card payments, car loans, it all adds up until you need to get a home load or a mortgage, and then you might find yourself being denied for reasons you don’t even know about.
A credit report lists everything, but only everything bad. If you were a week late paying your mobile phone bill, but you eventually paid it, then you would imagine that you’re in the clear. Most phone companies don’t start sending out second notices until two weeks. But this late payment is still on your credit history. If you took out a loan from a loan agency, but paid it back within the no interest period, the loan is still on your history. Most countries, like Australia, record only negative events. It doesn’t matter how quickly you repaid the bill, the bill is still listed.
Many people think that this is unfair, and you can do something about this by contacting your nearest credit repair service. This service will take a look at your credit history, and will delete any old debts or unfair listings. They won’t be able to delete everything or give you a clean slate, but clearing old and paid debts is just one of the benefits of credit repair.
Getting rid of old debts makes your credit report sleeker and more manageable. This is not illegal, because they aren’t getting rid of current debts, only ones that have already been settled. They can also get rid of enquiry events on your report.
But these aren’t the worst things that are on your credit report. Every time you have been knocked back from a loan will be on there, too. You might be rejected by one bank because you don’t meet their unique criteria, but all that is listed on your report is that you were denied a loan. Every other bank and credit union will be able to see this, and they will make whatever assumption they want about it. A credit repair service can get rid of all of these rejection notices from your credit report.