A credit repair agency has announced the creation of a new division that will provide brokers and their clients legal advice on matters pertaining to credit reporting – at no cost.
According to Credit Fix Solutions founder and CEO Victoria Coster, the newly launched Credit Fix Lawyers is the first law firm of its kind.
“This means we’ll be able to offer legal advice completely free of charge when it comes to credit reports. No one else is providing that right now,” she said.
“Brokers will have a firm they can go to for free advice and free assessments. And, if we end up doing credit repair work, they don’t pay unless we can show them we’ve improved their client’s credit report. It’s a no-risk referral for brokers,” the former mortgage broker added.
“We’ll probably annoy quite a few firms by doing this, but we want to provide Australians with a fair and reasonable service when it comes to credit corrections.”
Aside from bringing a lawyer in as co-director of the venture, Coster explained that a lot of the necessary staff, systems and processes were already in place, making it a natural expansion of the services already provided.
She said, “Before we created Credit Fix Lawyers, we were outsourcing the legal matters to another law firm, but it was costing too much money. Creating our own law firm enables us to keep our prices down for our clients.”
To Coster, the timing of the resource’s release is optimal as the gradual implementation of comprehensive credit reporting (CCR) is creating an even more complex credit environment.
“CCR has confused a lot of consumers and finance professionals, especially when it comes to going to lenders and being able to access finance,” she said.
“It’s really scaring a lot of people, and the lack of education means there are a lot more questions about credit reporting than before, questions we’re trying to answer.”
While Coster’s mission to provide accessible credit guidance to Australians has remained the same from the launch of her business five years ago to the creation of this newest division, she hopes to educate people to the point they’re empowered to make their own credit decisions in the future. As such, Credit Fix Solutions has put out a free e-book covering CCR.
“We might be providing free advice and free assistance, but it still does cost us money, so any tool available to educate people and stop these enquiries coming through, that’s a great thing,” she said.