Sione – Removed negative information for credit report, improved Credit Score
Sione came to the team about six months ago with issues on his credit report, seeking assistance to improve his financial situation. Sione had 2 defaults and about 37 credit inquiries on his credit report. His wife also had Buy Now Pay Later arrears as well as a large number of inquiries with companies like Cash Converters and Money3.
Both of their credit scores were quite low, and although Sione had paid his debts back and the report had been updated to paid, the defaults on his credit report were still impacting his ability to borrow money at a reasonable price. In fact, he was paying approximately $11,000 per month for his mortgage, seriously impacting their lifestyle and ability to pay their accounts on time.
Outcome
Sione’s goal was to clean up his credit file to refinance his existing loan, so that he could get a better interest rate and pay less monthly in repayments. We removed the negative information from his credit report, and by improving his credit score, he was able to refinance and reduce his monthly payments from $11,000 to $7,000.
At the time of writing, work was ongoing on his wife’s credit account as well.
