How to … check your credit rating

Don’t be denied a loan because of an error in your credit report.

How to check your credit rating

If you wish to apply for a credit or a loan, lenders will use your credit report to help assess your ability to pay it back. If you’re applying for a loan, there may be nothing worse than being rejected because of errors in your credit report. Luckily checking for these mistakes made by your bank or credit reporting agencies is a free and straightforward process.

Your credit report includes information such as:

  • personal details
  • joint applicants
  • credit cards
  • arrears brought up to date
  • defaults and other credit infringements
  • credit applications
  • debt agreements
  • credit liability information
  • repayment history 
  • commercial credit applications
  • report requests.

The sooner an error is detected the easier it is to correct. The Conversation suggests checking your credit report yearly and recommends these steps to make the process simple.

Step 1. Get a copy of your credit report
You can get a free copy of your credit report through agencies such as Experian, Equifax and illion, and Tasmanians may use Tasmanian Collection Service.

If you’re on a tight schedule you can pay around $30 to $50 to have your report arrive within two days, otherwise it will arrive in around 10 days.

Step 2. Check your report
Check to make sure your personal information is correct. Look at the basic information such as your name, address, driver’s licence and birth date.

Look at your payment history to determine if any payments were missed on due dates.

Now check to make sure that the details of your credit history are current. This will include loans, applications and credit infringements such as payments more than 60 days overdue.

Check to make sure that any serious records such as bankruptcies, court judgements or debt agreements are correct.

Note that credit infringements may stay on your report for between five and seven years.

Step 3. If something is wrong …
Say you’ve found that some of the details on your report are incorrect, what do you do next? You can contact the credit reporting agency and they should be able to change small details for you free of charge. However, to address larger errors in the report, you may have to contact your bank directly, although some credit reporting agencies may also do this for you.

Contact your credit provider and explain why the information is wrong. If they refuse to fix the mistake on your report, reach out to an independent dispute resolution scheme, such as the Australian Financial Complaints Authority, who may be able to help you with your claim.

If you are still unable to amend the errors in your report and they are less than a year old, contact the Office of the Australian Information Commissioner.

Do you know your credit rating?   

If you enjoy our content, don’t keep it to yourself. Share our free eNews with your friends and encourage them to sign up.

RELATED ARTICLES





    COMMENTS

    To make a comment, please register or login
    Jamesfrsnk20202
    17th Jun 2019
    3:06am
    I rarely share my story with people, not only because it put me at the lowest point ever but because it made me a person of ridicule among family and friends. I put all I had into Binary Options ($690,000) after hearing great testimonies about this new investment strategy. I was made to believe my investment would triple, it started good and I got returns (not up to what I had invested). Gathered more and involved a couple family members, but I didn't know I was setting myself up for the kill, in less than no time all we had put ($820,000) was gone. It almost seem I had set them up, they came at me strong and hard. After searching and looking for how to make those scums pay back, I got introduced to a recovery expert Mr Gavin Eric who helped me recovered 90% of my investment back in 7 working days. i felt someone else might need his help that's why i have to recommend him, feel free to contact him via his email address: kelvinpoulsenhack@gmail.com and WhatsApp him on +1(813)430 1295 for further information on how to get back your investment.
    Miranda
    23rd Jun 2019
    9:29am
    How brave of you to share your story in order to help others who have fallen into the same trap. We are all vulnerable to unscrupulous people who want to take what we have worked hard for. Good to hear that you were able to get most of your money back.
    Aussie
    23rd Jun 2019
    10:17am
    Thanks mate for sharing .... I lost 50K ... was a lot of money at the time ...


    Tags: money, finance, credit,