2 min read | 20 Jan 2020
Every time you apply for finance, you’re adding to your credit history. And every time you apply for finance, that credit history is checked.
In the past, only the bad stuff, like missing payments, showed up. It wasn’t really fair, so Comprehensive Credit Reporting (CCR) made changes to reflect the true picture of your credit history – good and bad.
This is a good thing, because now when you’re making your repayments on time, it’ll show up on your credit report.
When applying for finance, all lenders see similar information on your report such as:
Any loan enquiries made within the last 5 years
Names of credit providers you have applied for credit with, currently have credit with or repaid a loan with in the last 5 years
Details of any defaults or debts that are overdue
The date an account was opened or closed
The current credit limit of the account
24-month account payment history indicates you have made regular on time
If you want to know more details about each of these and how they are calculated and recorded on your credit report, visit Credit Smart.
It helps us understand your credit history and work out whether you’re likely to default on your repayments. It’s an important factor in our decision – but certainly not the only thing we use to assess your credit application.
If you would like to know more about credit scores and how they are calculated, visit Credit Smart for more information
The new rules also mean that the industry will be more open, and we will be sharing information with our credit reporting partners that we don’t currently share.
Again, it means we now share the good, not just the bad. But what’s reported in your credit history may impact future credit applications and the amount of credit offered, so having a good credit history is really important.
We want your credit history to be an asset so here are seven ways to improve your credit score.