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Credit repair in Adelaide, Australia, involves fixing your poor credit standing that could have been damaged due to several reasons including defaults, bankruptcy, or court judgments. The procedures can involve challenging incorrect listings on your credit report, negotiating with credit providers on your behalf to align the credit file with the law, or investigation of your financial situation. The law leading these practices comes under the Australian Security and Investment Commission (ASIC), specifically regulated by the National Consumer Credit Protection Act.
There could be instances when you'd effectively need the assistance of a credit repair lawyer. This is particularly true if your credit score has been adversely affected as a result of fraud, misinformation, or undue financial hardship. A credit repair lawyer can assist in disputing inaccuracies on your credit report, negotiating with your creditors, and can provide advice on methods to improve your credit score.
Under the Privacy Act 1988, Credit Reporting Code 2014 and the National Consumer Credit Protection Act 2009, credit providers have a duty to ensure information noted is accurate. They must not provide credit contracts, lease/resale agreements if they are unsuitable for the consumer. Consumers can dispute any incorrect listing on their credit report and file a complaint to the credit provider or the Australian Financial Complaints Authority. Fees charged by credit repair agencies must be reasonable and justifiable according to the ASIC guidelines.
1. Can I do the credit repair myself? Yes, you certainly can. You have the right to request access to your credit report and challenge any incorrect listings without any charge.
2. Is there a guarantee my credit score will be improved? While there's no absolute guarantee, a lawyer with proficiency in credit repair can greatly improve your likelihood with their experience and knowledge in the field.
3. How long does it take to repair my credit score? This largely depends on the complexity of your case. It may take several weeks to months.
4. How much can a credit repair agency charge? There are no fixed charges. However, ASIC mandates that the fees must be reasonable and justifiable.
5. Can I claim compensation if a credit provider has not complied with the law? Yes, you can approach the Australian Financial Complaints Authority (AFCA) and lodge a complaint.
You may find the ASIC's MoneySmart website, the AFCA, or the Office of the Australian Information Commissioner's websites to be extremely useful. They provide various resources and platforms to lodge complaints, besides offering comprehensive information about the law.
If you need legal assistance in credit repair, compile all your relevant documents, find a reputable legal practitioner who specializes in credit repair laws. Consult with them about your situation and follow the recommended steps to move forward. It would be wise to compare different services before making a decision. Remember, while selecting a legal service, make sure they're licensed and have a good reputation for their work in credit repair.
