Why you need to check your credit rating immediately

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As of 14 February, civil court filings will no longer appear on people’s credit files giving thousands of Australian’s credit scores an instant boost.

The change will allow people to get credit where previously they were rejected or negotiate lower interest rates, according to leading consumer and financial law firm MyCRA Lawyers.

MyCRA lawyers chief executive Graham Doessel said mortgage brokers had been frustrated for years as clients had their bank funding cut off or rejected because of trivial and vexatious civil court actions that judged them guilty till proven innocent.

“We started campaigning to the Price Waterhouse Coopers three-year review of the Credit Reporting Code in 2017 to have this detrimental and harmful misreading of rules changed,” Mr Doessel said.

“Now only judgements can be recorded on someone’s credit file and those judgements must relate to ‘credit’ to impact someone’s credit rating” he said.

“I recommend everyone check there credit file at www.freecreditrating.com.au and if you see your civil court listing has been removed then contact your bank and ask for an interest rate cut,” Mr Doessel said.

“The credit reporting system still isn’t perfect, with people able to besmirch someone’s credit file simply by making credit inquiries in that person’s name via the internet with just a few personal details, but we are now headed in the right direction.

“The logic applies to both, simply commencing proceedings proves nothing, and this legal change needs to apply across all credit files.”

The new requirements are retrospective so people with a civil court default on their file that isn’t the result of a judgement and isn’t credit related will have them removed.

Have you checked your credit rating since the changes went through last week? Did you notice a change?

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Written by Ben


Total Comments: 7
  1. 0

    Credit reports have nothing to do with if you are good payer or have a good credit history at all. I have a bad credit score even though I have a prefect credit history simply because I have more than one credit card. Showed it to my bank and they laughed.

    • 0

      That’s because you have instant access to higher credit amounts. A history of on time payments is one thing it’s the access to potential high debt that is the issue. That’s why people are advised to limit the number of credit cards, shop cards etc that they have if they are applying for a mortgage etc. Financial institutions add up the limits on all the cards even if you don’t use them and always pay the full balance owing. It could be tens of thousands of dollars. That presents you as a higher risk of default.

    • 0

      I am in the same boat but I will not get rid of the credit cards as I would never get them back. At my age I would not ask for a mortgage anyway. My biggest problem I had when having sold the house and wanting to rent for a couple of years in my new chosen environment. No credit history and no rental history, we owned the place for 25 years. They asked for printouts of bank statements etc. I offered a full year’s rent in advance and that clinched it, although they did not make me pay the advance.

    • 0

      It is insane to think a multimillionaire could have a bad credit rating just because they have multiple credit cards. One of my banks told me they don’t even check credit histories for people like me.

      I didn’t have any trouble getting extra credit cards after I retired.

    • 0

      RW – understandable if you have a certain income stream. As your moniker says you most probably did your sums better or had more to begin with. People always tend to extend credit to people who do not need it.

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