You may be wondering, “where is my credit file stored?” Credit files are stored by the credit reporting agencies. In Australia these companies are Veda Advantage and Dun & Bradstreet. Each time a person applies for finance, the credit provider will make a credit enquiry about the applicant. This information is stored by the credit reporting agencies, which over time creates a credit report that lists all such activity.
Credit reporting agencies not only store and make this information available to credit providers but also apply complex analysis and comparison algorithms, which in turn will apply a credit score to the credit report. Credit providers then utilise these credit scores to help determine an applicant’s credit worthiness.
Negative Listings on Credit Files
Now that we have answered the question, “where is my credit file stored?”, it is important to understand the significance of negative listings. A negative listing such as a default or court judgment can have disastrous effects on a credit file and the person’s ability to secure finance. This is because credit providers see these marks as clear indicators that a borrow is a high risk, even though this may not be true. Even one small negative listing such as a misunderstanding with a phone provider has the potential to lower a credit score to a point were securing finance can be very difficult.
Clean Credit works with people everyday to help them restore their credit ratings and put them back in a position of being credit worthy once again. Our credit repair service is not only fast and effective, it is also highly successful, reflected in our high success rate. Even better, our removal fees are only charged if we successfully improve or remove a negative listing!