18 Sep 2024 Podcast: Guest – Protect and Fix Your Credit Report with Daniel Walker

Posted at 21:56h in Podcast by
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In this episode, Evelyn welcomes Daniel Walker, founder of Bon Voyage Credit Repair. They dive into common credit issues and how Daniel helps clients clean up their credit reports and improve their credit scores.


Listen and subscribe now on Apple Podcasts or Spotify

Key highlights include:

  1. Credit Education: Daniel emphasises the importance of understanding credit reports and financial literacy, as schools often don’t teach this crucial information.

  2. Credit Repair Process: Daniel explains how defaults and inquiries affect credit scores, and how Bon Voyage assists clients in removing negative marks, including inquiries and defaults.

  3. Tips for Maintaining Healthy Credit: Pay your bills on time, communicate with lenders during hard times, and regularly check your credit report.

  4. Credit Myths: Debunking the belief that getting a credit card is the only way to build a credit file, and explaining how phone contracts can be a safer alternative.

  5. Success Stories: Daniel shares a remarkable case where Bon Voyage helped remove a default in just 32 minutes, showcasing their swift and effective service.

Links Mentioned in the Episode:

  1. Free Equifax Credit Report: ⁠www.mycreditreport.com.au⁠

  2. Equifax Subscription to Protect and Monitor Personal Credit: ⁠Equifax Credit Identity Protect⁠

If you’d like to work with Daniel:

  1. Mobile (best contact): 0423 908 106

  2. Phone: 1300 694 898

  3. Website: ⁠www.bvcreditrepair.com.au⁠

  4. Email: ⁠daniel@bvcreditrepair.com.au⁠

  5. Facebook: ⁠facebook.com/BVCreditRepair

 

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https://www.everlend.com.au/

There’s plenty more great content to come … so make sure you subscribe now on Apple Podcasts or Spotify so you don’t miss a thing.

You Have My Interest is brought to you by Everlend, a mortgage and finance broking firm built for the purpose of educating and empowering you to make informed financial decisions tailored to your wealth goals. Find out more and book in your free initial consultation at ​​https://www.everlend.com.au/

Get in touch:

Find out more about You Have My Interest at everlend.com.au/podcast and connect with us at podcast@everlend.com.au

You Have My Interest provides information and educational content relating to mortgages, finance and property. You Have My Interest‘s content is general in nature and does not take into account the individual financial, legal or tax needs or objectives of its audience members.

It is not intended as a substitute for professional advice. Listeners should seek out a licensed professional to discuss their individual financial, legal and tax requirements.

If you need mortgage or finance advice tailored to your own personal situation, contact Everlend today for a free consultation. Everlend are authorised credit representatives of Loan Market Pty Ltd, Australian Credit Licence number 390222.

Podcast produced with Apiro

Please find a Podcast summary below with the interview highlights:

Introduction: Daniel Walker from Bon Biage Credit Repair explains his work helping clients improve and maintain clean credit reports. The focus is on addressing credit issues like defaults and inquiries, educating clients about credit management, and providing tools to safeguard credit health.

Key Topics Discussed

1. The Purpose of Credit Repair

  • Mission: Help individuals overcome past financial mistakes (e.g., missed payments or forgotten accounts) and move forward.
  • Common Issues: Defaults from missed bills (e.g., utilities) and misconceptions about credit management.

2. Importance of Financial Education

  • Lack of Awareness: Schools don’t teach credit literacy, leaving many to learn through mistakes.
  • Misconceptions: Belief that credit cards are essential to build a credit file; however, alternatives like phone contracts are safer starting points.

3. Understanding Credit Reports

  • Comprehensive Credit Reporting (CCR): Introduced to show both positive (on-time payments) and negative behaviors, providing lenders with a fuller picture of an individual’s financial habits.
  • Credit Inquiries: Every finance application, successful or not, is recorded as an inquiry. Multiple inquiries, especially from payday lenders, can significantly harm a credit score.

4. Managing Credit Responsibly

  • Avoiding Credit Pitfalls:
    • Minimise unnecessary inquiries.
    • Opt for smaller liabilities (e.g., low-limit phone plans over credit cards).
    • Use finance brokers to avoid excessive applications.
  • Hardship Communication: Notify lenders during financial difficulty to prevent negative reporting and defaults.

5. Defaults and Credit Inquiries

  • Defaults: Listed after 60+ days of non-payment and remain for five years, even if paid. Communication with creditors can prevent defaults.
  • Inquiry Removal: Focus on eliminating detrimental patterns like payday lender inquiries to improve credit scores.

6. Monitoring and Protecting Credit

  • Regular Checks: Obtain free credit reports (e.g., from Equifax) to spot inaccuracies or fraud.
  • Fraud Prevention: Use tools like credit alerts and bans (e.g., following data breaches) to restrict unauthorized access to your credit file.

7. The Credit Repair Process

  • Engagement: Clients consult Bon Biage for an assessment of their credit files. If issues are found, Daniel provides an honest appraisal of success potential.
  • Cost and Timeframe:
    • Success fees range between $1,000–$2,000.
    • Typical cases resolve in 3–6 weeks, though more complex cases can take longer.
  • Success Stories: Includes rapid resolution cases like removing a default in 32 minutes.

8. Key Advice

  • Communicate Early: Notify creditors about financial difficulties to access hardship options and avoid defaults.
  • Be Proactive: Regularly monitor your credit report to catch and correct issues early.
  • Educate Yourself: Understand how credit scores work and use responsible practices to build a healthy financial profile.

Closing Remarks: Daniel emphasises the importance of addressing credit issues promptly and provides his contact information for those seeking help. Evelyn commends his insights and looks forward to having him on the podcast again.

This episode highlights the significance of education and proactive management in maintaining healthy credit and navigating financial challenges.

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