Fix My Credit – Learn All Things Credit With Monzi

Credit scores and credit history can sometimes feel like the be-all-end-all of your financial existence, leaving you asking, ‘how do I fix my credit?’ If you currently have a credit score that is below average, or an average credit score Australia, you may desperately be looking for ways to rectify this.

Never fear; credit repair is here!

Whether you’re repairing your credit alone or with intermediary aid, there are ways to improve a report. Even if your credit is doing it tough, there may be alternatives for you to explore. Having said this, let’s discuss everything credit and how Monzi may work with your score.

Please note, specific ideas and products presented in this article may not be on offer by Monzi nor the lenders we work with. This article presents only general information. Consider seeking professional financial, taxation, legal or other advice to check how the information and ideas presented on this website relate to your unique circumstances.

Fix my credit: What is credit?

Credit is a third party’s money you can use to obtain goods or services, with the requirement that you repay the credit in full. For creditors and lenders to gauge whether you can repay the sum you request, they will examine your credit score and history, among several other factors.

So, what is your credit score? If you didn’t already know, your credit score is a numerical value that indicates how well you manage your money. A high number will give you access to more credit and opportunities than you would otherwise. A low score is not so good. However, it is not the end of the world, and there are ways to rebuild it. Your credit history is a collection of your financial information that will remain visible for specific periods. The length of time this information appears for depends on the type of information listed.

How is credit useful to me?

Credit in the monetary sense is useful as it allows you to make larger purchases immediately. This is an excellent alternative to waiting a long time to save up and purchase an expensive item.

However, having a good credit score allows you to access more significant amounts with your lender’s trust. If you intend to purchase a home in the future, a better credit score may help cover a more extensive purchase. Of course, your credit is not the only factor your lender will look into, although it will be a crucial component.

Lenders and banks are not the only people who may want to examine your credit score. Aside from you individually, credit providers including utility and telecommunications companies, mortgage and trade insurers, may request your report. Don’t worry though, employers, landlords and real estate agents cannot request your credit report. Meaning your chances of securing a rental property won’t be impacted. However, you may require good credit if you want to obtain a new credit card. These are all reasons to make intelligent financial decisions that will benefit your future.

Why should I fix my credit?

If your credit history and score are below average, carrying out some credit repair will offer your future more potential. If you intend to buy a house or make another high-cost purchase in future, you should consider fixing your credit. Questions about how to fix bad credit are widespread on the internet, meaning you have many resources that you can draw on for help.

However, you shouldn’t take credit advice from just any page you find on the internet. Monzi does not recommend making financial decisions off of the information on this page alone. Instead, consider the government’s MoneySmart site for legally aligned information. Before making any decisions regarding your credit score or existing debt, it may be wise to contact a financial advisor for guidance if you are unsure.

Fix my credit: Credit fix solutions

It is pretty common to see people ask, ‘how do I fix my credit?’ Seemingly under the impression that you can fix your credit overnight, unfortunately, this is usually not the case. This is because certain financial behaviours will remain displayed for periods that range from six months to seven years.

Therefore the best credit repair solution you have available to you is time. Being patient and developing new, financially positive, behaviours in the meantime will be beneficial to you. By the time a default removes itself from your credit score, you will have replaced it with positive reconditioning.

One other thing you may be able to do is to have any errors corrected. If there is an unnoticed error on your report, this may be impacting your credit score. Getting this cleared up is a great way to see credit score improvement. You could also try lowering the limit on your credit cards, paying your bills on time, and limiting your credit applications. It is possible to hire companies to help you take steps to improve your credit.

What is a credit report?

A credit report is a document that records all of your credit history – whether good or bad. Several details display on your credit report. This information is helpful to lenders, so it may be a good idea to keep your report healthy.

Some of the information on your report may include your repayments for a mortgage loan, credit cards including a virtual credit card, and personal loans. Meaning that if you have any outstanding debts, this will be illustrated and may result in a decreased score. It will also show information about your credit applications. This means whenever you apply for a new credit card or a loan of any sort; your credit provider will make a note of this. Past credit applications help your lender understand whether or not you have been denied credit multiple times previously.

Beyond this, your publicly available information may also be in the file, if applicable. This may include associated court judgments and writs, debt agreements, personal insolvencies, and declarations of bankruptcies. This is the main reason people often ask, ‘how can I fix my credit?’ Whilst this information isn’t permanent and will eventually disappear, it will display for up to several years. The time the data remains visible will depend upon its severity.

What remains on my credit report?

You cannot answer the ‘how do I fix my credit’ question without first knowing what is on your credit report. The information on your credit report will display either for your lifetime or for a range of two to seven years. The information that will remain indefinitely includes your name, gender, date of birth, address history, and driver licence information. Other pieces of information will display for less time. Read below to see the timelines for each:

Two years

  • Your repayment history information. This means your repayment history for any loans you currently have, along with any credit you have used. This repayment history can be negative or positive.

Five years

  • Credit enquiries. Any applications you make for a credit card account or any form of loan will display on your report for five years. If you have an excessive amount of denied credit applications, your lender may be cautious of lending to you.
  • Payment defaults. If you have failed to make a timely repayment, or have avoided or stopped making your repayments, this will list as a default on your report.
  • Writs and summons. If a court summons you, this will list for five years on your credit report.
  • Court judgements. If you receive a charge in court, this too will remain for five years.

Seven years

  • Serious credit infringements. If you have a serious credit infringement on your report, this means that you have fraudulently obtained, or attempted to obtain, credit. Or that you have not been in contact with your credit providers for over six months and are no longer making your repayments. Given the nature of these behaviours, they will remain on your credit report for seven years.

Time is your best asset if you have any of these defaults on your report. If you are struggling to manage your financial obligations, consider reaching out to a free financial advisor via the National Debt Helpline.

Fix my credit report

You should beware of any credit companies that are claiming to wipe information off of your report. Some fix my credit companies are legitimate and will offer you practical methods of reinvigorating your credit score. However, it is not possible to wipe your credit report clean and start over.

Firstly, note that you can correct bad credit; even if you believe you are at rock bottom there is a way to rebuild. You can obtain a copy of your credit report for free from one of the credit bureaus such as Equifax or Experian. From there, you should start by ensuring that all the information you can see is factual and free of mistakes. If you find an error in your personal information or a debt that does not exist, you can contact your credit reporting agency to have this fixed.

Suppose you find an error by the credit provider, such as incorrect information to do with an overdue payment. First, contact the credit provider. If they disagree with your complaint, but you feel you are correct, you can then try the Australian Financial Complaints Authority (AFCA) regarding your dispute. For more information on this, explore the government’s MoneySmart credit repair page.

Learning how to fix my credit

What is the best credit score?

The best credit score is dependent on the bureau that generates your report. Equifax operates with a score range of 0-1,200, whereas Experian uses a range from 0-1,000. To have a score that is considered ‘excellent,’ you would want to be within the score range of 800 and 1,200. The score range, regardless of the credit bureau, is split into five categories. Below average, average (or fair), good, very good, and excellent. Generally, you may be able to get approval for most loans if your score is at least 506. However, the more you improve your score, the more trustworthy you will appear.

A higher score may also mean your lender will be willing to trust you with more significant amounts. If it is a house you are looking to buy, you will probably want to present yourself to your lender with an attractive looking credit score. Here at Monzi, however, you don’t need to ask us, ‘how can I fix my credit?’ Some of the lenders in our network may be willing to permit no credit check loans. Even if they check your credit, they will likely be far more lenient than a traditional lender. So, don’t be put off using our lender-finder service just because you have a low credit score.

How do I access my credit report?

There are many locations you can access your credit report from for free. Experian or Equifax, are popular credit bureaus you can visit, but these aren’t the only places you can obtain a copy.

Applying for a copy won’t result in a mark on your credit report, no matter how many times you request it. However, you may only be entitled to one free copy of your credit report per year. It will usually take up to 10 days to receive your free copy of your credit report. If you, for any reason, require your report sooner than this, you may be required to pay a fee to speed up the process.

There are a few reasons you may need to obtain a copy of your credit report. The most obvious reason is to show any lender you are dealing with in a loan application. However, there are other types of creditors, as well, that may want to view your credit report. Aside from banks and credit unions, retails companies that provide credit cards may be one. Utility providers and telecommunications carriers may also request your report. As may mortgage and trade insurers. However, these companies may be able to pull a copy of your credit report without requiring you to request it. Finally, you alone may simply want to view the current state of your report to make a plan for fixing your score.

Do I need good credit for a loan?

Whether you require good credit for your loan depends on the loan type and the lender. If you are going for a first home loan, you will almost always need good credit as a minimum. This depends on the quantity of money you seek and the amount of trust the lender is placing in you. If it is just small loans you are looking for, the state of your credit report may be less important to your lender.

Monzi lenders may be lenient regarding the state of your credit or potentially offer you a no credit check loan. This isn’t the case with all the lenders in our network. However, it isn’t impossible. Monzi lenders are usually reasonable people. They will look at several factors outside of your credit report when checking your viability as an applicant. These factors may include your employment history, income information, and general life circumstances. If you have been taking steps to rectify past mistakes, your lender may view this positively. The same goes for situations where you may have been made redundant but are due to start a new job in the coming weeks. Being honest and upfront with any lender you match with through Monzi may benefit your application.

Bad credit personal loans

Bad credit personal loans ranging from $300 to $10,000 may be attainable via one of Monzi’s lenders. Keep in mind before you apply that each of our lenders operates via their terms and conditions. They may not be able to offer you a loan if you have bad credit. You won’t need to google fix my credit when dealing with most of Monzi’s lenders. This is because most of the lender’s in our network can be flexible to suit your needs.

In some instances, you may not even need to have a credit check performed if your lender doesn’t require one. However, even if you do have your credit checked, this doesn’t mean your lender will decline your application. Your evaluation should be fair and examine more than the information on your credit report. If you don’t qualify for your requested amount, your lender may even counteroffer an amount you can afford to borrow. This isn’t guaranteed; however, it is a better alternative to application denial.

How long will it take to fix my credit?

Fix my credit: the amount of time this may take will depend on the information listed on your report. If you only have details about monthly repayments, then it may only take two years and the instalment of good habits to repair your credit. With more intense defaults on your report, it may take up to five years of waiting to see a change.

If you have mistakes listed on your report, you may be able to see quick change by having these corrected. However, if the information is valid, patience may need to be your ally. It may be best to accept that bad credit does not necessarily have a quick fix solution.

What do lenders look at aside from credit?

There are quite a few things aside from credit that a lender will consider during the application process. These include income and expenses, existing debts, assets, employment history and any downpayment or collateral you are willing to provide. Firstly, they will require your incomes and expenses from the past three months. This helps to gauge your capacity to repay the loan. If you have multiple existing debts, it becomes less likely that you will receive approval as this also influences your capacity. However, having more assets may attract a lender; assets are typically a sign of good money management. A willingness to put down a large deposit or secure your loan will also show your lender you are determined to repay.

The lenders in the Monzi network consider all these things, too. Some of our lenders may even prioritise this information over your credit report. This is because we are all human, and we all make mistakes sometimes. A slip up in your financial past doesn’t always mean you are bad at money management. Our lenders are reasonable people; they understand this. So why not see if there’s a Monzi lender that can help you?

Credit and Monzi

There’s no need to google fix my credit anymore. Monzi lenders may be quite lenient when it comes to your credit score and history. This does depend on the individual lender. It is free to apply through our lender-finder a second time. You may do so if you match with a lender that doesn’t suit your needs. Please note that we cannot guarantee we can match you to a different lender the second time.

If you apply within business hours, we may be able to match you to a lender in as little as 60 minutes. If you are interested in a personal loan through us, we’ve made the process as easy for you as possible, and we’ll prove it. All you have to do is click the ‘apply now’ button or scroll to our slider at the top of the page. From there we only need a few details from you and the rest is over to us.

If you have any questions before applying, don’t hesitate to reach out to our friendly team at

Keep us in your back pocket

If you aren’t ready to apply now, you can keep us in your back pocket. We are 100% online and can be utilised on mobile. In the meantime, why not check out our Facebook, Instagram, Twitter and Pinterest. That way we can keep in touch!

Alternatively, if you are looking to do some further research, why not read our article on no interest credit cards?

Factor In Costs

You won't use a penny to apply for our lender-finding service, but here's some costs you could expect from a lender

Loan amount

$300 - $2,000


12 months (minimum)

12 months (maximum)


20% upfront establishment fee

+ 4% monthly fee


Representative example based on a loan of $1000 over 6 months a borrower can expect to pay a total of $1440.

Disclaimer: Under the current legislation, all Small Amount Credit Contract loan providers don’t charge an annual interest rate. The maximum you will be charged is a flat 20% Establishment Fee and a flat 4% Monthly Fee. The comparison rate on loans between $300 and $2000 could be up to 199.43%. The minimum loan term is 16 days and maximum loan term is 12 months. Representative example based on a loan of $1000 over 6 months a borrower can expect to pay a total of $1440. WARNING: This comparison rate is valid only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan.

Loan amount

$2,100 - $4,600


13 months (minimum)

24 months (maximum)


47.8% Annual Percentage Rate (APR)

65.85% Comparison Rate p.a.


Representative example based on a loan of $2500 over 24 months a borrower can expect to pay a total of $4,556.88.

The maximum interest rate for a Medium Amount Credit Contract is 47.8%. Comparison Rate 65.85% p.a. The maximum loan term is 24 months. Representative example based on a loan of $2500 over 24 months a borrower can expect to pay a total of $4,556.88. WARNING: This comparison rate is valid only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. Credit criteria and terms and conditions apply.

Loan amount

$5,000 - $15,000


13 months (minimum)

24 months (maximum)


17% Annual Percentage Rate (APR)

36% Comparison Rate p.a.


Representative example based on a loan of $10,000 over 36 months a borrower can expect to pay a total of $16,489.

The starting interest rate for a Personal Loan is 17%. Comparison Rate 36% p.a. The maximum loan term is 24 months. Representative example based on a loan of $10,000 over 36 months a borrower can expect to pay a total of $16,489. WARNING: This comparison rate is valid only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. Credit criteria and terms and conditions apply.