Credit Repair

Why my credit rating is important?

Your credit file is like a repository of your past financial activities and contains details regarding your addresses, employment history, credit applications and negative listings. Whenever you apply for a loan, even a mobile phone on a contract or for an interest free store offer, it is more likely that your details have been given to credit reporting agency. The credit report is viewed whenever you apply for any loan, credit cards, mobile phone contract or even a car leasing. These are called enquiries and may be listed on your report.

What is there on my Credit Report?

Your credit file contain information about your home address, current and past employment history, bankruptcies, credit applications, overdue accounts, defaults, judgments, clear-outs, crossed or linked files, past names, etc. and is sometimes used to determine your credit worthiness. Your credit report will have a credit score based on your financial history and credit health. Majority of lenders in Australia have a minimum credit score requirement to be eligible or to be approved for a loan.

Who are the Australian Credit Reporting Agencies?

There are three main Credit Reporting Agencies in Australia. The largest and most used by lending institutions and creditors is Veda Advantage.

How long the information is held on a credit report?

• External Administrations – 10 Years
• Previous Directorships – 10 Years
• Bankruptcy, Part 9 Debt Agreements – 7 Years
• Serious Credit Infringement – 7 Years
• Credit Enquiry, payment Default – 5 Years
• Court Judgment – 5 Years
• Summons, Court Writ – 4 Years