Should your clients repair their credit score themselves?

Should your clients repair their credit score themselves?

When your client has a poor credit score it can have a big impact on their chances of being approved for a loan. Which isn’t great news for you either. If you can’t get them a loan, you’ll miss out on your commission. 

But that doesn’t mean the situation is hopeless. 

Sometimes, credit providers make mistakes when they place negative listings on people’s files. So, encouraging your clients to get these errors fixed can improve their score. 

If that happens, you can help them get a loan at a later date – rescuing your commission in the process. 

But should your clients attempt to repair their credit score themselves? Or, is it better for them to work with a reputable credit repair agency?  

The pros and cons of DIY credit repair

The biggest benefit of DIY credit repair is that it’s free. However, not only is there a significant amount of time, effort and stress involved, there’s also a lot that can go wrong. 

Your client first has to hunt for errors in their credit reports – often a tedious process. If they find any they can then raise a dispute with the credit reporting bureau. The bureau will ask for supporting documentation so they can conduct an investigation. 

This process needs to be repeated for every inaccurate listing.

And your client’s lack of legal knowledge and experience mean they might not get the results they were after. 

For example, DIY credit repair often results in getting a default changed from ‘unpaid’ to ‘paid’. However, as the default remains on the report, it can still drag down a credit score. 

Why you should partner with a reputable credit repair agency 

Although your client can fix their score on their own, working with a credit repair agency can significantly improve their chance of success. 

A good agency has a thorough knowledge and understanding of Australian credit legislation.  So they know what to look for on your client’s file and can then use their expertise to get inaccurate listings removed once and for all.  

The bottom line

Not every client has the time, expertise and patience to successfully fix their credit report themselves. So while they certainly can do it, it doesn’t mean they should. 

Partner with Credit Repair Solicitors today and help your clients solve their credit problems by emailing info@crsolicitors.com.au

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