Credit Score
New Credit Reporting Law Here To Help Or Hinder?
The new Comprehensive Credit Reporting (CCR) law which passed both houses of parliament expands the information banks must report to credit agencies about their customers’ credit history. It means lenders will have access to far more information on you as a borrower through...
Read morefolderCategory: Credit Score
bookmarkTags: comprehensive credit reporting, Credit Score, Equifax
Does A Higher Credit Score Mean Better Rates?
Does your credit score affect mortgage rates? Yes. However, does a higher credit score give you better rates? No! If one borrower has a good Equifax credit score of 700 and another borrower has an excellent Equifax credit score of 900, both of them will likely qualify...
Read morefolderCategory: Credit Score
bookmarkTags: Credit Score, improve your credit score
How Do You Adjust To Comprehensive Credit Reporting?
Did you know following the introduction of comprehensive credit reporting, your credit score can drop by 22% following just one missed credit card repayment? – even if you’ve never missed any credit card repayments before this. Misconceptions surrounding comprehensive...
Read morefolderCategory: Credit Score
bookmarkTags: comprehensive credit reporting, Credit Score, Equifax, Experian, Illion
6 Ways To Damage Your Credit File
Did you know that most of your transactions are recorded on your credit file by credit reporting agencies like Equifax? Around 85% of Australians have never accessed their credit file (Experian Australia) which means that you may have a black mark on your credit file and not...
Read morefolderCategory: Credit Score
bookmarkTags: Credit Score, Home Loan, Mortgage, Mortgage Broker
APRA Tells The Banks What To Do
Did you know that the Australian government monitors and reviews the lending criteria of the banks? The Australian Prudential Regulation Authority (APRA) released for consultation ‘APG 223 – Residential Mortgage Lending’, a draft prudential practice guide intended...
Read morefolderCategory: Credit Score, Home Loan Articles, Investment Loans, Lenders Mortgage Insurance, Low Doc Loans, News, No Deposit Home Loans, Overseas Borrowers, Policy Changes, Unusual Employment Loans
bookmarkTags: Banks, Credit Checks, Credit Score, Government, Home, Home Loan, Lenders, Lenders Mortgage Insurance, Loan, Mortgage, Mortgage Broker, News, Non-Resident, Over 55, Report
What Makes A Good Credit Score?
Are you planning to buy a home? Do you have a clean credit file or no credit history at all? Are you a high income earner with few assets? You’d be surprised by which factors have a massive impact on your credit score and, ultimately, whether the bank will see...
Read morefolderCategory: Credit Score, Home Loan Articles
bookmarkTags: Credit Checks, Credit Score, Home Loan
VedaScore To Improve Credit File Information
Veda Advantage, the main credit reporting agency in Australia, is rolling out their VedaScore as part of all credit reports ordered by lenders and authorised agents such as mortgage brokers. This change will mean that mortgage brokers will have an accurate credit score for customers...
Read morefolderCategory: Credit Score
bookmarkTags: Credit Score, Mortgage, Veda Advantage, VedaScore