Your public credit history now holds much more information than it used to, which means that now when you apply for any loan or credit facility, the lender you are applying to will be able to see much more than ever before about how you manage your credit.
Australia used to run a reporting approach where only ‘negative’ financial information was available. The focus was on the number of credit enquires you’ve made, whether you had defaulted on loan repayments (over 60 days and follow up action taken by the lender), bankruptcies, insolvencies and court orders and judgements – the really serious stuff.
Now, credit reports are likely to show much more about how you run your credit facilities. The report will provid a two year, month by month snapshot of whether your monthly loan repayments have been on time or how late they have been.
Also reported are the account type (credit card, pesonal loan) open and close dates and the current facility limit you can borrow up to.
You can obtain a copy of your own credit file at any time for free, which could take up to 14 days to be sent to you. If you need it quickly, we can access same day reports for a small fee.
Contact us to discuss your unique personal financial situation.