If you've ever applied for any sort of credit or a loan, there will be a report about you with a credit reporting agency. Lenders will access and use these reports to decide whether or not to give you the credit you are after. Therefore, it is very important to be aware of what is on these reports.
Your credit report contains information about your credit history. The information is collected from credit providers, courts and other organisations by credit reporting agencies. Here is a sample credit report.
The purpose of the consumer credit reporting system is to balance protecting your personal information with the need for credit providers to have enough information to make a decision as to whether or not to provide you with finance.
Therefore, it is very important to be aware of what is in these reports and how you can make sure it won't impact your ability to get a loan.
For more information on credit reporting download this fact sheet or visitw ww.moneysmart.gov.au or www.oaic.gov.au
Message from CAtherine
Occasionally I come across an interesting article to do with Home Loans. I thought I'd share some of these with you here.