Bad credit imminently leads to inconvenient interest rates on mortgages, car loans or student loans. It could genuinely prevent you from getting your loan approved for that dreamy apartment you have in your mind. Even more, bad credit will inevitably hold a black spot on your record that might have a negative impact on getting hired as well.
Believe it or not, eighty percent of Australians have never considered checking their credit history. A lot of people are ignorant of the fact that monitoring their credit is utterly important in preventing various errors from remaining on their credit history. Others simply don’t know how to do it.
Thus, it is surely worth it to be informed about this subject and get acquainted with the basic steps concerning the regular credit rating check, and what it implies.
Mandatory Credit Rating Check
Your credit report encompasses a brief description of your borrowing and repayment history. Everything concerning your credit can be found on your credit report, including unpaid bills, late bills, repayments made after the agreed term, information concerning your mortgage, car loan, so on and so forth. Your credit report incorporates your entire credit activity. Additionally, details concerning credit infringement will remain on your credit report for a period of seven years. Data regarding bankruptcy will be held on your credit report for five years.
The importance of monitoring your credit
Surveys indicate that appreciatively 30 percent of the Australians who carried out regular credit rating check found incorrect facts in their reports. This is why you cannot trust that your credit information is accurate if you don’t monitor your credit on a regular basis. Don’t overlook the importance of a healthy credit. Constantly monitoring it is a way of ensuring that the information is error-free and that your credit record represents you.
If you have an excellent rating score, ranging between 622 and 1200, you will feel confident when approaching a lender for a personal loan or credit.
How to get a copy of your credit report
As I already indicated, one of the reasons why people fail to monitor their credit is because they don’t know how to do that. The fact is that everybody is entitled to request a free copy of their credit report every twelve months, from the nation’s credit reporting agencies such as Veda, Dun and Bradstreet. After your request, you should receive your credit report in about 10 days. You can choose to pay for an additional fee to receive it on a shorter notice.