Key Takeaway
Completing a debt agreement isn't the end of your financial story—it's the beginning of your fresh start. While a Part 9 debt agreement stays on your credit file for 5 years, you can start rebuilding immediately. Many Australians see significant improvements within 12-24 months.
Introduction
You made it through. The sleepless nights, the calls from creditors, the constant stress of overwhelming debt—it's finally behind you. Your debt agreement is complete, and you should feel proud of that.
But here's the thing nobody tells you: now what?
If you're staring at your credit file wondering how you'll ever get approved for finance again, you're not alone. At Australian Credit Solutions, we review files after debt agreements, defaults, and financial hardship for listings that can be challenged.
As an ASIC-licensed credit repair provider (ACL 532003) and winner of industry awards in 2022, 2023, 2024 & 2026, we've seen what works—and what doesn't. Here are 15 practical steps to fix your credit rating and get back on track.
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Understanding Credit Ratings After Debt Review
A Part 9 debt agreement is a legally binding arrangement under the Bankruptcy Act 1966. While it helped you manage unmanageable debt, it also left a mark on your credit file.
Your debt agreement will appear on your credit file for a minimum of 5 years from the start date, or until obligations are complete—whichever is longer.
But here's what many people don't realise: the impact of that listing diminishes over time, especially when you actively rebuild positive credit history.
The 15 Steps to Rebuild Your Credit
Step 1: Get Your Credit Reports
Order free copies from Equifax, Experian, and illion. Understand exactly what's on your file before you start rebuilding.
Step 2: Check for Errors
Look for incorrect information, duplicate entries, or listings that shouldn't be there. Dispute any errors immediately.
Step 3: Understand Your Debt Agreement Listing
Ensure your debt agreement is recorded correctly—with the right dates, amounts, and status (completed if applicable).
Step 4: Pay All Bills on Time
This is the single most important thing you can do. Set up automatic payments and never miss a due date.
Step 5: Avoid New Credit Applications
Every application creates an enquiry. While you're rebuilding, avoid applying for credit you don't absolutely need.
Expert Tip from Elisa Rothschild:
"The biggest mistake I see people make after a debt agreement is rushing to apply for credit. Each rejection adds another enquiry that hurts your score. Be patient and strategic about when and where you apply."
Step 6: Build an Emergency Fund
Having savings prevents you from needing credit for unexpected expenses. Start small—even $1,000 makes a difference.
Step 7: Consider Credit Building Products
Some products are designed for people rebuilding credit. Secured credit cards or small personal loans (used responsibly) can help build positive history.
Step 8: Keep Credit Utilisation Low
If you have any credit cards, keep balances below 30% of your limit. Under 10% is even better.
Need Help With Your Credit?
Get a free, confidential credit assessment from our ASIC-licensed providers.
Step 9: Challenge Improperly Listed Items
If you have other negative listings (defaults, enquiries) that may not have been properly made, they could be challengeable and removable.
Step 10: Don't Close Old Accounts
Length of credit history matters. If you have old accounts in good standing, keep them open even if you don't use them often.
Step 11: Monitor Your Credit Regularly
Check your credit reports every few months to track progress and catch any new errors or issues early.
Step 12: Be Patient with Mainstream Lenders
Most require 2-3 years post-discharge with clean history. Focus on building that track record rather than rushing applications.
Step 13: Document Your Recovery
Keep records of on-time payments, savings growth, and improved financial habits. Some lenders appreciate evidence of financial rehabilitation.
Step 14: Seek Professional Help When Needed
If you have other negative listings that may be removable, professional credit repair can challenge them under the Privacy Act 1988.
Step 15: Stay Focused on the Long Game
Credit recovery is a marathon, not a sprint. Consistent positive behaviour over time will rebuild your score and open doors to better financial products.
Warning
Be wary of lenders specifically targeting people with debt agreements on file. They often charge extremely high interest rates. If possible, wait until you can qualify for mainstream lending.
Ready to Rebuild Your Credit?
If you've completed a debt agreement and want help with your credit recovery, get a free assessment. We'll review your credit file and identify what can be improved.
Call us on 0480 031 704 or complete our online form. We'll tell you honestly what can and can't be done.
Frequently Asked Questions
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