Your credit report is a record of your borrowing history maintained by credit reporting agencies such as Equifax (previously Veda Advantage). It contains your personal details and a list of your past and present debts. The information can be seen by the banks and lenders and also includes:
- Loans that you have applied for in the last five years are listed as enquiries.
- Loans or accounts where you are more than 60 days overdue are listed as defaults.
- Court judgements and court writs.
- Bankruptcy history (including Part IX history).
- Company directorships.
In short, a credit report is the detail of your credit history to date whereas a credit score is simply a number derived from the information on your credit report or credit file.
While all lenders view risk differently, you’ll find that our credit score calculator is an excellent guide that can help you understand why a bank may decline your loan.
Speak with one of our specialist mortgage brokers by calling us on 1300 889 743 or fill in our free assessment form to find out with which lenders you qualify for a home loan.
Cheers,