Engage some smart strategies so you don’t leave yourself exposed
There have been some significant changes to the privacy act since the 12th of March 2014.
Previously a credit report contained only recent enquires, loans or credit you applied for, defaults, judgements, court writs and bankruptcies.
Lenders will now be able to share much more information. Any late payments or overdrawn accounts will now show up on your credit report.
On the positive side though, it can enhance your creditworthiness by showing your current repayment conduct. Providing you haven’t skipped a beat on your repayments, it can make you a very attractive proposition to the financiers.
Top tips for keeping your credit rating in tact
- Pay all your bills on time. Sounds simple, but we’re all hard pressed for time.
- Set up direct debits to cover bill payments and to make it even easier align with payday. Suppliers often allow you to change payment dates.
- If you have difficulty making a repayment, get in touch with the supplier or lender. Arrange with them to pay off or defer the repayment. Keep them informed.
- Avoid applying for credit when you don’t need it. Some lenders operate under a credit scoring system and may take a negative view against someone who has made a high number of credit enquiries in a short space of time.
- Contact all credit providers, banks, utilities, shires, telcos, etc if you change your address.
So don’t leave yourself exposed.
Steve Sims, your mortgage broker in Perth, can discuss your credit history further by giving him a call on 0433 124 081 or email email@example.com