Do you have real estate in mind that you truly like and want to purchase, but your loan provider denied your application? Even if it’s as far back as five years ago, bad debt can still taint your credit record in several unpleasant ways.
- From the moment your credit record attracts severe debt or defaults, it will remain visible on your file for up to five years. Even if you have settled the outstanding amount, the non-payment remains present, always reflecting on your credit file when you want to apply for loans at banks or any other financing institutions. Even when you are merely in the rental market, a rental agency can deny your application based on what they see on your credit file.
- If you are fortunate enough to get approval for your application regardless of a negative credit score, such defaults to your name can result in less favourable interest rates. Subsequently, even if you’ve settled your debt, you can still pay an additional price for a mistake years earlier.
- Many companies complete credit checks on all new employees before employment. When a company finds you have any defaults to your name, they are within their full rights to decide against employing you even if you are the best candidate only due to your credit record.
Our team can help you remove a credit default listing and clear your credit record, giving you a fresh page to start on and to prosper in the future.