Credit Score

Will A Default Stop Me From Getting A Home Loan?

personOtto Dargan access_timeMarch 7, 2017

Have you ever been late with an electricity, mobile or credit card bill? There’s plenty of people who have and it’s not usually a big problem unless the debt is for more than $150 and you’re more than 60 days late in paying it. At this point, you’ll have a default lodged...

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Comprehensive Credit Reporting Is Here: Bad News For Borrowers?

personOtto Dargan access_timeJuly 30, 2015

One of the big four banks has flagged that it will start sharing much more information about customer accounts to credit reporting agencies as part of the so-called Comprehensive Credit Reporting (CCR) system from as early as August 2015. As more lenders get on board, it could...

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6 Ways To Damage Your Credit File

personOtto Dargan access_timeApril 24, 2015

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...

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You Can Borrow With Bad Credit

personOtto Dargan access_timeSeptember 26, 2014

Life doesn’t always pan out the way you’d like it to. Whether it’s through divorce, losing your job, injury or business failure, your finances can sometimes be thrown in turmoil through no fault of your own. This can result in you accruing an unsustainable level...

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APRA Tells The Banks What To Do

personOtto Dargan access_timeJune 5, 2014

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 to...

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What Makes A Good Credit Score?

personOtto Dargan access_timeFebruary 18, 2014

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 you as a...

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Bad Credit From A Collapsed Investment

personOtto Dargan access_timeFebruary 4, 2014

Have you had your credit history damaged after investing in a managed investment scheme (MIS) that collapsed? Many investors are in similar situations. They invested in schemes based on misleading claims and often borrowed money to fund their investments. Investors have not always...

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Privacy Act Amendment

personOtto Dargan access_timeDecember 4, 2012

Recent changes to the Privacy Act 1988 now give banks greater insight into your credit history. But the big question is, how will this affect the way lenders view your home loan application? Read on to find out more. What has changed? On November 29 2012 the Senate Committee...

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New Personal Property Securities Act

personOtto Dargan access_timeDecember 8, 2011

The start date for the Personal Properties Security Act (PPSA) has been confirmed by the Attorney General to be Monday, January 30, 2012. The Federal Government’s Personal Property Securities ACT (PPSA) Reform is going to be bringing about some changes to the rules that...

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VedaScore To Improve Credit File Information

personOtto Dargan access_timeJune 28, 2011

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...

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