Credit Score

New Credit Reporting Law Here To Help Or Hinder?

personOtto Dargan access_timeFebruary 10, 2021

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...

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Does A Higher Credit Score Mean Better Rates?

personOtto Dargan access_timeJanuary 7, 2020

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...

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How Do You Adjust To Comprehensive Credit Reporting?

personOtto Dargan access_timeDecember 13, 2019

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...

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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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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...

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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...

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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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