Important things to know on your Credit report
Posted April 4th, 2010
Making sense of your Credit Report
Your credit report is a critical part of your life, if can be the difference between a good financial future and a bad one. Whenever you apply for a loan or any other utility, your past credit information is used to determine your eligibility and your application may also be lodged on the credit report.
What does your credit report contain?
Your credit report contains a lot of information including you personal details and past court orders. Some of the items that may be included in your credit report are:
- Personal details such as name, past and current addresses, employment details and drivers licence number.
- Details of any credit applications that you may have previously lodged, this includes home loans and personal loans.
- Any payments that you have not honoured, usually those that have not been payed for more than 60 days. It may also have information regarding any overdue amount which you have already paid.
- Any serious defaults or ‘clearout’ listings where you may have been listed as missing debtor. The report will also have any information regarding bankruptcy orders or judgement debts.
Check and correct any mistakes
By now you would understand how important your credit report is. You need to be sure that your credit file is free from any mistakes or that a credit provider has not wrongly listed that you have defaulted.
You can get a a copy of your credit report from agencies such as Veda Advantage or Dun & Bradstreet. You could be charged a small fee for requesting a report depending on how fast you need it. Once you receive your report, you should read it carefully and make notes of any mistakes. Below are a list of things to look out for and ways to correct them.
- Mistakes spelling your name or address, this could lead to a lot of problems including someone else’s debts being passed onto you. If you find any mistakes, you should immediately contact the agency and get them corrected.
- Unusual credit listing on the report, if you find applications and debts listed which you did not apply for, you could be a victim of identity fraud. If so you should contact the agency and the police.
- Check the dates of all credit defaults and anything listed as serious infringements. If you have made any overdue payments, make sure they are listed as paid. If you did not receive any correspondence before being listed for serious infringements, you should rectify this issue.
You also need to be aware that credit information cannot be listed for more than seven years. If you cannot resolve the issue with the lender or service provider, you should contact the relevant authorities or the Office of the Federal Privacy Commissioner.
Similar Posts:
- How to Update False Information on a Credit Report
- How to get a Mortgage after Discharged Bankruptcy
- Most Common Credit Report Errors
- Delinquency and Default Decline Nearly Across the Board
- Restoring Your credit Status
