Credit Reporting Australia

Maintaining a good line of credit

is essential to modern day life.

Potential lenders will assess your

credit history in determining your

capacity to repay a credit card,

loan or other forms of borrowing.

This means that every time you

apply for an increase in your

credit card limit, a loan, overdraft

facility, your credit history will

be scrutinised.

More info on:

http://www.chaseedwards.com.au/


Checking your credit rating is

an important measure to

ensure your credit standing is

complete and accurate. It is

advisable to do this at least

once every year. Your credit

report will list all of the

information that is contained

in your personal credit file.

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Recent statistics released by the

Australian Retail Credit

Association revealed that 59% of

Australians do not understand

how the country’s credit reporting

system operates and fewer still

were aware of recent changes

made to the credit reporting

regime in 2014. Australia’s new

Comprehensive Credit Reporting

system is one of the most

stringent in operation anywhere

in the world. More info on:



These changes dictate what repayments will be

included on your credit report. Credit reports now

detail your repayment history for a range of credit

based activities including credit cards, car loans, in-

store finance offers (such as interest free repayment

terms), personal loans and home loans. More info on:



A number of providers offer credit reporting services

in Australia. You will require the following

information in order to receive a credit report.

• Full name

• Date of birth

• Current address

• Previous address

• Day time telephone number

• Current employer

• Drivers licence, passport, birth certificate

• A document that contains your full name and address

such as a utility bill, bank statement or rates notice. More info on:



As with anything in life, mistakes are often made

with regards to compiling your credit history. That’s

why it is important to regularly check your credit

report and fix any errors as they arise. The Australian

Information Commissioner discovered that 30% of

people who checked their credit report in 2013

identified errors.

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Fixing these mistakes is a relatively

straightforward process that can potentially save

you thousands of dollars and remove impediments

to your future borrowing capacity. Any problems

identified with your credit history should be

directed immediately to the credit provider.

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Ensuring that you maintain a

clean credit history under the

new reporting regime requires

that all bills and loans are paid in

full and on time. To achieve this

you can establish direct debits

that automatically cover

recurring payments such as home

loans or credit card interest at

monthly or quarterly interval.More info on:



Limit new credit applications

Another strategy to improve your credit standing is to

limit the amount of credit applications that you make.

Although 0% balance transfers on your credit card

repayments may seem attractive, if you are

unsuccessful in gaining the patronage of a new

banking institution this blemish will show up on your

credit report.

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If you get into trouble, speak with

your credit institution

In spite of what many people

think, financial institutions do

offer some leeway with

regards to extenuating

financial circumstances. If for

whatever reason you are

unable to meet your

repayments, then pick up the

phone and talk with them.More info on:



Apply for electronic billing

Believe it or not, many people miss

out on making repayments in time

due to the fact they’ve lost the bill.

To overcome this, request

electronic billing from all of your

major credit facilities. Home loans

and personal loans such as car

finance can easily be tracked online

via electronic banking platforms

but make sure you are signed up via

your institution.More info on:



Remember that your credit

report is now available to a

wide range of financial

institutions that you may wish

to seek credit from. Recent

changes to the credit reporting

standard enacted in 2014 mean

that your previous financial

indiscretions are now available

for the world to see.

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Should you identify any

mistakes in your credit history

then do everything in your

power to fix them: either with

the credit institution itself or

relevant appeal body. If nothing

else, then source your credit

report yearly to make sure that it

is accurate and a complete

representation of your credit

history.

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Credit Reporting Australia