Could this simple trick could save you over $800 a year?

A simple trick that could save you hundreds.

A simple trick that could save you hundreds

Are you missing out on hundreds of dollars’ worth of savings each year because you don’t know about this simple trick?

A new survey by Credit Simple has revealed that 85 per cent of Australians don’t realise that they can use their good credit rating to obtain a better deal from their banks, money lenders, credit card providers and phone and utilities companies.

Anyone with a high credit score can leverage it to negotiate to get better deals on interest repayments and bills.

The first step is to find out your credit score, which you can access free once per year. A healthy credit score is seen as more attractive to lenders and financial institutions, which makes them open to providing you with a better deal.

Analysis of Reserve Bank of Australia data shows that, if you do have a good credit score and successfully negotiate a better deal with lenders or utilities providers, you could save up to $864 each year.

The report also reveals that many Australians, even those with a score below 500, don’t know that, by simply contacting former lenders to correct default or late payments, they can improve their credit scores.

“If you’ve got a credit default on your file and it was from a late phone bill four years ago but you’ve been paying your bills wonderfully well since, why shouldn’t you be able to fix that and tell the financial community you’re a good payer?” said Credit Simple Chief Executive David Scognamiglio.

Did you know you could negotiate a better deal on credit repayments or on your utilities?

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    COMMENTS

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    Rosret
    10th Feb 2017
    11:48am
    Don't think this article is for retirees. Loans for retirees - mmm - unwise unless you are working on an investment portfolio.
    Medicare is going up 4.5% in April. I could save even more than $800 per year if I pull out. However because I am retired I think that is exactly what they want me to do. I might need them now I am ageing! - Typical insurance company. We needed a government run health insurer to keep them all in line.
    Eddy
    10th Feb 2017
    12:27pm
    We had a government health insurer, Medibank Private, until it was privatised, now premiums are going up so regularly (probably to help pay the new executives exorbitant salaries and bonuses).
    I did try to get my credit score but the information they wanted (ie copies of my passport and drivers licence) put me off, I value my privacy more than wanting my credit score.
    I treat these kind of articles with scepticism, they sound too good to be true. A bit like when my doctor tells me to lose 10kg weight, it simple, just have a leg amputated and their goes the 10kg.
    Old Geezer
    10th Feb 2017
    2:54pm
    If you pay before the 1st April it get it for 12 month at the old rate. I do this every year.
    Old Geezer
    10th Feb 2017
    2:56pm
    I know a lady who had both breasts removed after doctor told her to lose 10 kilos. She told her doctor he now had only 5 more to lose.
    Rosret
    10th Feb 2017
    7:08pm
    Very funny Old Geezer.
    Rae
    10th Feb 2017
    1:13pm
    I'm planning to cancel my health insurance and save the money. It is $2500 a year now and I don't use it. Overtime I've has a test lately it hasn't been covered. Also so much is in private clinics and rooms these days and that's not covered either. We'll need several thousand saved just for routing services.
    Rae
    10th Feb 2017
    1:15pm
    routine services ( spell check again.)
    Old Geezer
    10th Feb 2017
    2:53pm
    Those with the best credit rating do not have a credit score. I don't have one.
    Rosret
    10th Feb 2017
    7:10pm
    A little cyclical then??
    If you haven't proved you can repay loans then they won't give you a loan??
    Old Geezer
    10th Feb 2017
    11:11pm
    Wrong. If you are a good risk you don't have a credit score. I asked one of the banks about this and they told me that they didn't use it at all. I have borrowed millions over the years without one.
    PIXAPD
    14th Feb 2017
    1:38pm
    I have NO credit score for I have NO credit debt and don't want any, ....be debt free and owe nothing is the life to live...YIPPEE

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