If you've missed some payments, you might find yourself with a bad credit history and/or outstanding debts.
This can mean that it's difficult to get loans or apply for services such as electricity.
So when a company called Credit Repair Australia claims it can solve your financial problems and restore your credit report, its appeal is understandable.
However, these supposed repairs come at a high price, starting with a $990 nonrefundable administration and service fee – likely creating more debt, which, let's face it, is the last thing people with financial struggles need.
Still, you may think it could be worth it to solve your problems. Our issue is that there are plenty of free options for people in this situation, including ombudsmen and financial counsellors.
Furthermore, Credit Repair Australia has been known to overstate its ability to improve a credit report, providing false hope.In most cases, default listings and other information about your credit history can't be removed from a report unless proven to be wrong.
While there are other predatory businesses feeding off consumers' financial despair, this company has dealt with more than 150,000 Australians in the past 10 years, inflicting further hardship and shonkiness on a number of them.
Frankly, the shonkiest thing about Credit Repair Australia is its very name.