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Australia

Is Your Credit File Helping You or Hindering You?

Knowing and admitting you have a problem is the first step. You have to then take some positive action to fix the problem, before it gets to the stage of defaults on your credit file.

Many people have never seen their credit file, or don't realise that they have one, and continually apply for loans, hearing You don't meet our lending criteria, from the lender.

What is on your Credit File, if you do not know get a copy of your Credit File and Credit Report.

If you have applied for credit in the last 5 years, you will have an active credit file. On it will be:

• Your personal details, Name, date of birth, addresses, driver's lisence details, employers
• The date you applied for credit, with whom, the type of credit and the amount you were seeking
• Your credit history, Any overdue accounts; defaults, showing if they have been paid or not
• Court judgements, bankruptcy details

Your credit file is updated every time you apply for new credit. This information is one of the 6 factors that impacts on your ability to receive a loan.
Banks and credit providers in general use this data, along with general information to decide whether to lend you money; or not.

So it makes it critical you know what is on your file and of course make sure the information is accurate; is someone using your details to try and obtain credit leaving you to pay for it once they have the goods, and also to avoid getting knocked back by a credit provider.

Many people are knocked back by a bank or other credit provider because they are unaware of a default or there is incorrect information on their report, or they put down incorrect information on an application form that does not match up with their credit file, and from a lenders point of view can look like the applicant is telling a lie, hiding facts to make their application look stronger than it actually is.

A Credit Report includes the following:

• Detailed explanation of your Credit File; what it all means
• Your Credit Score, based on your Credit File risk
• Your Credit File diagnosis, and Credit Health
• Personalised Suggested repair solutions, tips and advice
• Your Loan eligibility, with suggested lenders you are better off applying with.

Avoid getting declined for a loan again. Your Credit File and Report can be emailed to you within 48 hours of your request.

Get Your Credit File and Report