Predictions for 2023 - from a Credit Repair Legend

Victoria Coster | CEO & Credit Repair Legend

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What a year 2022 has been!

To finally be able to see each other in person has been an absolute highlight for me. But, when it comes to credit reporting, we are seeing a lot more people getting in trouble due to the cost of living going up, and simply not keeping up with their repayments.

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I predict that with the 35% of home loans that are currently on a fixed rate switching into variable in 2023, that we are going to see more and more families struggling with their repayments, and, in turn, more and more bad repayment history information

On Credit

reports.

During the holidays, I would highly recommend that brokers go through their fixed rate client lists, and make sure that they are all going to be OK moving into a higher variable rate… before they get in trouble.

The flow on effect of higher living costs brings me to also predict that we will see the need to remove small defaults more and more heading into 2023. So far, we’ve gotten away with ignoring small energy defaults etc with letters of explanation. Towards the end of this year though, most of our clients are just needing 1 small default under $1000 removed, just to be able to get out into a lower rate loan.

Finally, I predict that lending is going to get tougher in 2023, from a credit reporting perspective, with more and more Lenders checking ALL credit reports, not just Equifax. Remember, the VERY FIRST STEP you need to take as a broker is to check credit reports. And it’s not just Equifax anymore. You need to be checking Illion, Experian & Creditor Watch.

N.B We’ve seen a lot more negative listings on Creditor Watch reports that are not on the Equifax reports, and brokers have wasted weeks on getting a loan prepared, only to have it knocked back because they haven’t checked Creditor Watch.

From me and the entire team at Credit Fix Solutions, we wish you an amazing Christmas and a prosperous New Year ahead.