Your credit history is a chronological record of information listed with private credit reporting agencies by creditors.  Defaults and other notations are listed for between five and seven years.  If a notation is incorrect, you can write to the credit reporting agency and insist that the notation be removed.  You will have to provide supporting evidence.  If you pay out an account, you can ask the creditor to have the notation removed or you can place a comment on your credit history explaining the correct position.

Alternatively, you can take action to restore your credit rating to good health by starting to save. You can build savings by planning how you will spend your money from now on.  Doing the sums is easy, it is sticking to your budget that is the trick. This is when using a money management system will help. 

If you are in debt, the first task is to use your budget and money management system to eliminate your debts. After they are out of the way, your savings program will begin to amass savings.  With savings you have money for a deposit.  When you have a deposit, you can use credit again.

Plan your spending, automate your payments

Debt Helpline has developed a set-and-forget budgeting and money management system, that makes it easy for you to:

• meet essential living costs;
• eliminate debt; and 
• create savings

Now you can turn your personal finances around, begin to save and restore your credit rating. 

For further assistance (CLICK HERE) or call 1300 305 510, Australia-wide.