What Is A Credit File?
A Credit rating has such a huge impact on our lives, but so little is known about it. Learn what is a credit file, what info is stored and how it affects you.
A Credit rating has such a huge impact on our lives, but so little is known about it. Learn what is a credit file, what info is stored and how it affects you.
Having a payment default on your credit report can greatly affect your next loan application. Every credit card holder should be aware of the negative effects of having credit default.
We are often asked if paying an account will lead to the listing being removed from a credit file. This is an interesting question. Read on to find out more on this topic.
Understanding what factors affect your credit score may seem like a mind-boggling task. The truth is that it is actually super easy.
One of the most common questions we are asked is “Can Clean Credit remove my court judgement from my credit file?” The answer to this question can undoubtedly make all the difference to your business
Like many people out there, you might be wondering: “why is it so important for almost every lender?” Also, you might be asking: “how do I get my credit file and how can I use it?”
There are three major reasons why a person’s credit score goes down. Having too much debt, not paying bills on time and leaving errors on the credit file undisputed. The bottom line is, you’re overcharging your credit accounts and underpaying them. If money is the issue—then, it’s time to do some saving up.
Are you a full time employee trying to fix bad credit? Here are tips on how to save and spend money not only to improve your credit but to build wealth as well.
If you don’t know what’s in your credit file, you might be in for some trouble the next time you want to apply for a loan or credit card.
A credit file is an important piece of evidence of your creditworthiness.
Why do lenders check credit history? There are items in your credit report that could spell problem when it comes to getting your loans approved.
Discover where your credit file is stored, its contents and the reasons why you should request for a credit report
The past is not past when it comes to credit history. Of course, you are not defined by your past but creditors look into it to see if you are credit worthy. So even if you make a resolve to change or you pay off your debt today, that’s not the end of that.
Bad credit can either stall the process of getting a new loan or make it altogether impossible.
Ever wondered why it is important to track your credit rating? Every Australian has a three-digit score, a credit rating that is calculated by credit reporting bodies (CRBs). This reveals data about your financial history gathered from financial institutions and banks from all over the country.
If you are feeling overwhelmed with your monthly bills, multiple loans, and you are even ignoring calls from companies you owe money to, it might be time to consider looking at debt relief.
There are many ways to check your credit score. Most people only ever get around to having a credit check whenever they are considering taking out a mortgage to buy a home or to get a loan on a new car.
A recent study has shown that residents living in inner Sydney and inner Melbourne have some of the worst credit ratings in Australia.
Identity theft is a big problem for Australia. It is estimated that one in five Australians have had their information stolen at least once. Criminals have various ways of stealing your personal information. They can implement low and high tech ways of collecting your data.
Schools usually focus on the academics in teaching our children; it is very rare that they are taught money saving tips inside the classroom.
Your credit history is a major factor when it comes to taking out a mortgage on a house, getting a loan for a car, applying for a credit card and even when applying for some jobs
There have been a lot of changes to credit reporting over the last 18 months. While many of these changes have been welcomed, one has remained a point of controversy and is the subject of much talk and misunderstanding. That is the recording of loan repayment histories on credit files.
Having a good credit history is very important. Long before you consider buying a home or making another big purchase you need to consider your credit history and how that can affect your ability to get a loan at a good interest rate.
With the amount of debt continuing to rise across the country, consumers have experienced a heavier reliance on a review of their credit file in recent years.
In 2015 Australia will begin a new system of credit reporting that will benefit those who have good credit behavior. Before it was only bad credit behavior that was reported and it would outweigh any good behavior that was not being reported on my credit file.
Despite how important an individual’s credit report may be, the majority of Australians have never checked their report. Not knowing what your credit report holds can lead to paying higher interest rates on credit cards and loan accounts, and can impede your chances of getting an affordable home loan.
There are a number of aspects that can negatively affect your credit score, including being late on repayments, having too many enquiries in a short period of time, and carrying too much credit card debt.
We are often asked if paying an account or unpaid default will lead to the listing being removed from a credit file. From a purely
This is a question we are often asked. I can understand that from a consumer’s perspective it must seem confusing that information can differ between credit reporting agencies. After all, aren’t credit reporting agencies meant to only record accurate information?
We are often asked about the problems with Australia’s credit reporting platform and comment on how many incorrect or faulty credit listings there really are.
Clients often ask us about credit scores and what a credit score needs to be in order to secure finance. This is a difficult question as every credit provider has their own thoughts and policies with regard to lending guidelines.
Clean Credit has launched a debt negotiation service called Clean Credit Debt Resolutions
We were recently featured on channel seven’s Today Tonight; the topic was how credit applications can damage people’s credit files. Click here to view
There are over 14 million credit files in Australia and these contain over 3 million negative listings (Veda Advantage 2008).
It is common for people to approach us regarding credit repair with accounts that are overdue, the whole reason a default is listed is due to an account being behind. What many people don’t realize is in many cases these debts can be significantly reduced given the credit provider is approached in the correct way.
During the process of repairing credit files we are often become involved in negotiating debt for our clients.
While many people know that a payment default is listed in a credit report for a five year period, few know that a credit provider can record these events sometimes years after the account fell into arrears.
Removing a default can be all about talking to the right people.
It is widely accepted that the Australian credit reporting platform is far from perfect, in fact the CRAA (Credit Reference Association of Australia) has described credit reporting in Australia as the most restrictive in the western world. I for one would not argue with this view point.
Unfortunately like many industries credit repair has its fair share of questionable operators and as is often the way, the entire industry is often judged on the practices of a small group. The dishonest conduct exercised by some has caught the attention of the Australian Securities & Investment Commission ASIC and it would appear that regulation may not be far away.
At Clean Credit we see two common types of default listings appearing on our clients’ credit files. These are a ‘payment default’ and a ‘clearout’ or ‘serious credit infringement’. Here is some valuable information about what these listings mean.
Even though a negative credit listing should be removed from a credit report if it is found to be faulty or inaccurate regardless of whom the credit provider was the reality is the process of arranging the removal of a credit listing can be as much to do with who the credit provider is as facts surrounding how the listing was entered.
The Australian credit market is among the most interesting in the world as it remains among the most robust and active. While credit markets elsewhere in the globe dips into troubled territories, credit market in here have remained robust.
We are regularly contacted by mortgage brokers and other industry professionals regarding their client’s credit files. One thing we hear regularly is my client has no defaults or judgments but they have been refused finance, what’s going on?
For the consumer it is important note that not all credit repair companies are credited equal. Unfortunately, like most industries credit repair has its
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.
Credit card fraud in Australia is continuously proliferating. It has grown more rapidly in the last 10 years. According to the Australian Crime Commission (ACC), skimming or counterfeiting of credit cards by unscrupulous parties cost Australians over $45 million annually. Thus, credit card scam is one of the most pressing issues that heighten alert among authorities and that worry most consumers across the country.
One in every six Australians has been a victim or knows someone who has been a victim of identity theft. This is the findings of an online research released by Di Marzio Research in July 2011, which polled 1,200 respondents. The survey would be among the information that would be used for the development of a proposed National Identity Security Strategy.
Problematic Credit Inquiries It is a little known fact that credit inquiries can lead to credit declines. Here’s why. You decide you would like a
The question “should I help my client restore their credit rating?” is a highly contested one. From a credit providers perspective these are understandable concerns as the removal of a negative credit listing could be viewed as an attempt to mask the applicant’s true financial position and not allow them to apply an appropriate risk rating.
Business owners can be practically venerable to problems with their credit files. Many industries such tradesmen rely on being able to get credit for materials quickly, without out this ability jobs cannot be secured and things come to a grinding halt.