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A credit file contains the comprehensive information about an individual/company and reflects their financial hygiene. It has a combination of the information collectively placed in one file that includes credit history, credit rating, amount of credit, number of applications, conduct of repayments, business/employment and personal guarantee. Once a credit file is referred by the potential credit providers, individuals and organisations it vitally facilitates the decision making while performing an assessment of lending criteria and analysing one’s borrowing capacity etc.

Check out Equifax for a free credit score check.

A default on credit file means you fail to pay an expected debt, such as an electricity bill or a loan. However, late or missed payments will not always turn into defaults. You need to be at least 60 days overdue on a payment exceeding $150 and the credit provider needs to contact you in writing that you owe the money. If you meet the above conditions and still not make the payment, the credit provider may report this default to a Credit Reporting Agency and record it in your credit file. Econ Business Solutions agents can repair credit files, fix and remove credit defaults, and improve credit score. A default will remain on your credit file for five years and cannot be removed by paying the original debt unless you could find a mistake in the default reporting process. If you believe there is an error in the default reporting, you can contact your credit provider or a Credit Reporting Agency with your evidence.

Your credit file includes information of your credit history and often referred by banks, financial lenders and other credit providers when you are applying for a loan or a credit contract. You can access your credit status at a Credit Rating Agency (CRA), like Equifax or Credit savvy, and your credit may get a score from the CRA indicating how good your credit is. There is a dramatic difference between good credit and bad credit, for example, bad credit will be very likely to cause a failure or an increased interest rate when you are applying for personal loans. If you have noticed that you have bad credit at CRA, you may have one or more credit defaults contributing to this outcome. ECON BUSINESS SOLUTIONS has a professional and dedicated team ready to help 'Clean your slate'. We will act on your behalf to meet creditors, file applications and engage the right people. We assist in negotiating settlements with the creditors to consent the default listing removal and as required make payment arrangements. Throughout this process, we keep you continually well informed to provide optimum understanding and peace of mind.

Stay calm when you notice a credit default, there can be lots of things that can be done to fix it. At ECON BUSINESS SOLUTIONS, we have the most experienced professionals assisting you with the credit file repair. Even if you have missed your overdue payment, in Australia companies will have to follow certain legislation before reporting your case as a default. ECON BUSINESS SOLUTIONS is specialised in analysing companies’ default reporting process and would identify any non-compliances in your case, protecting you from unfair credit defaults.
In addition to removing credit default, ECON BUSINESS SOLUTIONS professional consultant will also provide concise and personalised guidance and recommendations to our clients for building up their credit file, helping our clients enjoying every benefit from a good credit.
Improving your credit history through credit restoration may put you in a better position to negotiate a better deal - you could get approved for finance quicker and at lower interest rates, which could save you thousands in high-interest rates.

We maintain an extremely high success rate in credit file repair. A sign of success for ECON BUSINESS SOLUTIONS is to provide a chance for our clients to move on with their lives with less worry and stress.

The credit reporting agencies in Australia include Equifax (previously known as Veda Advantage), Dun & Bradstreet, Tasmanian Collection Services (in Tasmania) and Experian. Every credit-active individual can obtain a free copy of their credit file once a year by making a request with each agency because there is a possibility of inconsistent information listed with different agencies. To ensure the information on the credit file is accurate and up to date, it is recommended to obtain a copy of a credit file at least once per year.

A payment default is an account of $150 or more that is 60 days or more overdue. The creditor must make the individual aware of the overdue account by sending them a written notice. Defaults remain on the individual’s credit file for 5 years.



Apart from that Econ Business Solutions can fix and remove credit defaults, repair credit files and improve credit score with an obligation free consultation and a no win no fee policy. We operate for Melbourne, Sydney, Canberra, Perth and all the other cities of Australia.

Since December 2012, information on whether an account with a licenced Credit Provider has been paid late can be collected by credit reporting agencies. From March 2014 – this information will be published and available on Australian credit reports. It is understood a new Credit Reporting Code of Conduct will allow 5 days grace for late payments before a notation is added. Repayment history information stays on the credit file for 2 years.

All adverse listings may impact an individual’s ability to obtain mainstream credit and could lower any credit score calculated on the individual. In this current economic climate even too, many credit applications are often considered to be ‘black marks’ on the individual’s credit file in addition to defaults, Court Writs, and Judgments. The impact of late payment notations on the credit score or on assessment of credit suitability is still unknown since the information is not yet available to lenders. Speculation has been centred around just how many late payment notations will be and your credit can be refused or you would be offered higher interest rate. Most of the times, loan options available to bad credit clients are at significantly higher interest rates in order to cover the risks associated with taking on someone with bad credit.

When an individual finds an impairment in the credit file and believes that it's unfair, then the person would be asked to provide details about the listing because there is always a chance that the creditor could've made the mistake; therefore, the credit file repair specialist goes through the whole procedure step by step according to the requirements and finds whether a fault was made in the listing by checking all the notices through the system in detail. Econ Business Solutions act on an individual's behalf, follow the required proceedings and goes through all the documents in detail to make sure there is a better and accurate chance of removing the impairment faster.

Resolving a dispute is never always an easy process for a person, it takes a lot of skills and knowledge to put the point on the table properly with higher winning chances. There are many cases in which the time is comparatively less and despite having all the skills and knowledge a person cannot apply necessary implementations due to lack of experience. Due to strict lending criteria of financial institutions it will be needed to apply with better precision and accuracy of legislation and raise points in favor. In many cases some people get told that their Credit default cannot be removed from the file and can only be updated as paid, but this is not always the case. With many individuals the case scenarios are different, that involves many deciding factors with the possibility to get the default removed and rarely, there will be a minor chance that the default will not be removed, that mostly happens when there is a lack of information or misleading information. Having the highest success rate in default removal, ECON team never gives up on any one’s case and try every possible avenue to resolve the case, whether it be disputed with the creditor or taking the case further to the relevant Ombudsman body to have a successful outcome.

At ECON our staff is trained to deal with all the institutions, a credit file repairer acts on behalf of an individual with the sole purpose to improve client’s credit rating by taking the stress away from client of hard negotiation, legal dealings, complex compliance structural arguments.

During the past few years, there has been too many changes in the Credit file and the gauging of credit file is becoming strict day by day. The expected good level of credit file has risen as the banks’ lending conditions are becoming tougher. The increased pressure from the Royal Commission of Australia and after the Global Financial Crisis many banks and other lenders have put a halt and started lending only to those who have good credit history. A Credit repairer is expert in pointing out the cases with conflicts, according to Credit reporting Law and dealing with creditors for the best outcome.

A credit report contains the positive and negative points that can lead to the success or failure of your inquiries such as utilities, loans or any kind of finance. A Credit file is comprised of last five to six years of repayment history, any credit applied or a debt. As a consumer point of view, the credit report plays a most crucial role in his financial life when it comes to accomplishment of any form of credits or loans.
A credit file is the most important part of your applications for mortgage as it can be used for the verification of your debt and repayments. If someone have a record of bad credit score on their file and despite having a bad credit score a lender managed to get a home loan approved, then you will be paying too much interest on it. You can save at least $16,000 every year if you have less interest. The one difference that makes a huge difference in your file is having records of overdue accounts or default on your file. Even if there is no default on your file and there is an overdue account that is listed on your file for more than 60 days can listed as default anytime. The default is listed on your file when you can’t make your repayment on time according to your contract. Normally a default stays on a file for up to 5 years but if it includes a serious infringement then it may also stay up to 7 years.
Apart from overdue accounts and default listings, there is a term that is known as a default judgement which is placed by the court when the order is made by a Judge on an overdue account or debt amount which is unpaid.