Credit File Basics
Posted February 1st, 2010 and last modified July 12th, 2011If you want to know more information about your credit file, and what it is used for, then you should take a look at this article to find out more.
Your credit file is an important part of keeping your finances in order, and building your future.
A credit file is an information record that is accessed by financial institutions, banks or any other businesses that need to find out about your credit. It will be examined for any overdue bills that were not paid on time, so it is necessary to maintain it.
Order a copy of your credit file
Receive email alerts whenever specific changes occur on your credit file for 12 months. You also receive a copy of your credit file despatched within one working day..
Receive your credit file with information on:
- Details of consumer credit enquiries
- Details of overdue consumer credit accounts
- Commercial credit enquiries
- Details of overdue commercial credit accounts
- Bankruptcy & Court Judgements
- Writs & Summons
- Information on your current relationship with a credit provider
When you make an application for credit the following information is included.
- Information about public records. Examples of this are proprietorships and directorships, including bankruptcies, court judgements, writs and summonses.
- Details of your identity. This includes your name, driver’s licence number, previous and current addresses and your date of birth.
- Accounts that are overdue. Accounts and default listings, or more items from the past, that have been more than 60 days past due.
- Enquiries about credit. This will show you what financial institutions you have approached and asked for credit, including utility providers, telecommunications, finance companies, and banks.
It is always wise to examine your file yearly. If you see any incorrect data on the file, you have the right to ask the credit people to help get it fixed free of charge. Any information that is accurate will remain on your file between 5 to 7 years.
Sensitive information like your political affiliations, race and religion cannot be put on your credit file under the Privacy Act.
Establishing a credit history
You will make an impact on your credit history as soon as you apply for a credit card, your first loan, or open up an account with a telephone service provider or a utility company.
If you are looking for credit, you need to make sure that your credit history is in good shape because it will be reviewed for charge card applications, credit, mortgages and personal loans.
Credit file accessibility
Your information will be provided to service providers based on the Privacy Act, and what you want to provide.
Guidelines
Credit providers may consider the following when doing a review of your credit file:
- Overdue accounts.
- Credit type you are looking for.
- How much credit you apply for and how often.
Always pay your bills within the time limits so that your credit history stays in good shape. To avoid any missed or late payments, you will need to provide a new address to your lenders.
Your credit file is a personal statement of how you are able to manage your finances. Keep it clean by continuing to pay your bills on time.
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