Bad Credit Rating Removal Case Study
Client Profile:
| Name: | Samuele* |
| State: | QLD |
| Sex: | Male |
| Age: | 26 |
| Married/Single: | Single |
| Listing Type: | Commercial Enquiry |
| Original Creditor: | Toyota Finance |
| Current Creditor: | - |
| Paid / Unpaid: | Unpaid |
| Listing Amount: | $64,570 |
| Commenced work: | 04/12/2017 |
| Default Resolution: | 22/03/2018 |
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Credit Repair Background:
Sam has his own Building business. He had 12 enquiries in 12 months and 1 consumer default. Sam has 2 Toyota enquiries on his credit file. Sam applied for car loan to get new work vehicle. The loan was applied for through company.
What were any challenges with the creditor?
Toyota refused to remove the enquiry at the time of the investigation.
Why was the listing removed?
MyCRA Lawyers lodged a complaint to FOS because Toyota had only provided documents for the enquiry placed in January 2017. Toyota responded by claiming both this enquiry and the enquiry placed in March 2017 were valid. MyCRA Lawyers responded to Toyota by explaining that there was only ever one loan application made and that, at worst, only one of the enquiries was valid. Toyota advised that as a goodwill gesture they would remove this enquiry, on the condition that Sam closes the FOS complaint. Sam agreed to this resolution.
Summary:
Sam was referred to our Law Firm by his mortgage broker. Sam engaged MyCRA Lawyers to investigate the likelihood of removals of enquiry listings and a consumer default listing on his credit file. These listings were the direct result of the time his business was down due to financial hardship. Sam only discovered the bad credit listings when he applied for finance and was declined. MyCRA Lawyers negotiated the successful removal of his bad credit enquiry listing in 108 days. Sam* is now a step closer to achieving a finance approval. Congratulations Sam and good luck!
Sam’s* name has been changed to protect privacy
So was the debt of $64k actually brought up to date. Why would Toyota remove default if money is still owing and client IS IN DEFAULT???
Hi John,
The ONLY reason a default can legally be removed is if it can be evidenced that the default was placed unlawfully.
An unlawfully placed default MUST be removed even if the debt has not yet been paid.
This case study is about an Enquiry, not a default.
The same principle applies to an enquiry. If it cannot be evidenced that the correct procedures have been followed BEFORE the credit enquiry has been made, then the unlawful credit enquiry MUST be removed.