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...
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How To Fix Your Credit Rating? – 10 Secret Tips
Looking for ways to fix your credit rating? Something that won’t cost you much more than — what you already owe — both financially and mentally! Credit rating, after all, is that one key factor, which determines whether you will be able to borrow from a prospective lender....
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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 with the...
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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...
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The Way Your Credit Score Is Calculated Has Changed
The Big Four banks of Australia have fully adopted the Comprehensive Credit Reporting (CCR). The introduction of CCR changed the type of consumer credit information that can be collected and reported. Previously, Australia only had a negative credit reporting system but now this...
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Bad Credit Due To A Business Going Bad
Can I still get a home loan? It’s no secret that, on average, more than 50% of businesses fail within the first two years. For the other two million plus business owners in Australia, it’s common to fall behind on bills, payments on credit cards and business lines...
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Will A Default Stop Me From Getting A Home Loan?
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?
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
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
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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bookmarkTags: Banks, Credit Checks, Credit Score, Debts, Home Loan, Mortgage Broker, VedaScore