Bad Credit

Any general questions you might have in regards to loans and finance.
Slightly Confused
Posts: 1
Joined: Fri Feb 12, 2010 2:33 pm

Bad Credit

Postby Slightly Confused » Fri Feb 12, 2010 2:42 pm

Hi
Just a quick question, I have been thinking about purchasing a home and recently obtained a copy of my credit rating from veda and noticed on there there was an payment default on a mobile phone bill for $980 from back in february 2005.

Apparently this will automatically disappear from my report this month, but if I pay it out it will stay on the report for another two years ?

Will this affect me if i apply for a home loan if it no longer appears on my report ? And if i pay it and then stays on my report for another couple of years what sort of impact will that have on my ability to borrow money ?

It would be great to get some input on this as im a little confused.

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Otto Dargan
Mortgage Specialist
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Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
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Re: Bad Credit

Postby Otto Dargan » Fri Feb 12, 2010 5:40 pm

Hi,

Please call Veda to see if it will remain on your file if you pay it now. My understanding is that if the 5 yrs is up and this has not been paid then the Telecom company can relist the default so it stays there for another 5 years! Please discuss this with Veda Advantage as I am not so sure.

If this is removed from your credit file then banks will not take it into account when assessing a loan application, so we can get you an excellent loan at a discounted rate.

Thanks
Otto Dargan
Mortgage Broker
P | 1300 889 743
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