Credit Report Assessments
We offer complimentary credit report assessments and credit report eBook along with a comprehensive credit report and score free of charge. Valued at $500. Get this offer!
What Is Credit Report?
Your credit report is a vital part of assessing your financial history and will dictate your ability to gain access to finance for wealth creation, subject to other Lender terms and conditions.
Your credit report contains your historical ‘footprint’ of your financial behaviour, including:
- How often you apply for credit
- What type of credit you apply for, i.e., home loan, personal loan, payday loan etc.
- How you repay those loans if payments are late, or you overdraw your accounts.
- If you have defaults if you are in collections or judgements or court rulings.
People often think that it’s just their credit score that is important. But this is not true, although your score can be important to some Lenders, it’s the contents of your credit report that the credit assessment teams look at in deciding to approve you for finance or not.
Your credit score is a quick indicator of your creditworthiness. The score is based on your current credit report, but there are different scores.
If you take the Equifax scoring system for example, you have the following scores:
- Comprehensive Score – Your overall score
- Negative Data only – Score based on Defaults and Judgements only
- Vedascore 1.1 – The old system, still used by some lenders for Auto-Declining applications
However, there are 3 credit reporting agencies in Australia. Not just Equifax.
There is also Illion and Experian.
If you run a company, there are 3 credit reporting agencies for your company credit reports as well.
These are Equifax, Illion and Creditor Watch.
In general, scores and reports should all be the same, but they can sometimes be different.
This is because some Lenders may choose to report to Equifax and/or the other credit reporting agencies, which in turn can give us different reports and scores.
Overall, it is important that you check and read through all 3 credit reports before applying for finance.
We don’t know which Lenders are checking which report(s).
So, we should be looking at all 3 of them.
In addition, it’s a good idea to visit a finance broker before you apply for finance.
This is because brokers are trained to know which Lenders accept what.
And they will assess everything, including your credit reports, before submitting a loan to a Lender.
You can get your free personal credit reports from all three agencies in Australia.
Company reports are free with Creditor Watch, but you pay a fee with Equifax for a company report.
Want to learn more?
Grab a copy of our free credit reporting essentials guide to learn more.
We are happy to offer you a free assessment on your credit reports with no obligation. We will not offer you our services unless spending money on credit repair will be a benefit for you and you are not currently a vulnerable consumer or experiencing financial difficulties.
This article is for information purposes only.
Please go to www.moneysmart.gov.au for free tips and tools.
Charities such as The Salvation Army and Anglicare also offer assistance, or you can call the National Debt Helpline on 1800 007 007.