Clean Credit Blog
How is it that a small blemish on an otherwise perfect credit report can have the same potential penalty as a serious default to a major bank?
In Australia, just like in most other nations, credit reporting is considered the primary method for credit worthiness assessment of individuals.
For a mortgage broker, there’s nothing more frustrating than spending time preparing and submitting an application, only for the lender to decline it due to a credit problem.
What can often add insult to injury is learning the problem in question is something quite small – such as a paid default to a phone carrier – that could have even taken place years before.
To a mortgage professional there’s nothing more frustrating than spending time preparing and submitting an application on behalf of a client, only to find it’s declined due to a credit problem.What can often add insult to injury is learning that the credit problem in question is something as small as a paid default to a phone carrier, often an event that took place years prior. This situation can be very difficult for a client to grasp; after all, such a listing may not at all represent their current financial position or ability to service a loan.
A credit rating is number that is often referred to as a credit score. When reviewing a credit report many credit providers use this number as a way of determining whether they will approve an application.