Bad Credit Rating Removal Case Study
Client Profile:
| Name: | Nicole |
| State: | SA |
| Sex: | Female |
| Age: | 38 |
| Married/Single: | Single |
| Listing Type: | Default |
| Original Creditor: | Toyota Finance |
| Current Creditor: | – |
| Paid / Unpaid: | Unpaid |
| Listing Amount: | $758 |
| Commenced work: | 24/06/2016 |
| Default Resolution: | 29/09/2016 |
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Credit Repair Background:
Nicole and her partner had financial issues with the ATO and they had to refinance with a bank with a higher interest rate due to the default but had little choice as the ATO debt had to be paid. It was a very difficult time for 2 years for Nicole and her partner as they are struggling to make ends meet, and in this case, Toyota was one creditor that they missed paying.
What were any challenges with the creditor?
A complaint was raised with Toyota Finance when MyCRA Lawyers investigated the documents and found errors with the default listing. Toyota Finance failed to respond to our query and instead referred us to their initial response which did not address our concerns.
Why was the listing removed?
MyCRA Lawyers found that Nicole advised Toyota Finance of her hardship and they failed to assist her. When Toyota Finance did not respond to our complaint, MyCRA Lawyers represented Nicole with the Financial Ombudsman Service bringing these complaints to their attention. Toyota Finance then agreed to remove the default listing from Nicole’s credit report.
Summary:
Nicole and her partner were referred to our office by their mortgage broker. Nicole had a default on her credit report which she needed it removed so they can get a re-finance for their home as they were on a higher interest rate from having bad credit. We managed to negotiate removal of her default listing and Nicole and her partner can now confidently apply for home loan. Congratulations Nicole and good luck!
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