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Understanding your credit report and repayment history information

What is my credit report and score?

What is my repayment history and how does it affect my credit score?

Your credit report record is a complete history of your credit account repayment history.

In addition, it can show things like any defaults, bankruptcies, company information and more.

Your credit score is a number that helps creditors decide whether or not they will lend money to you and at what interest rate*

*Subject to Lender Ts &Cs

What is my 24 month Repayment History?

Your repayment history includes the amount, type of loan, and date of each monthly loan repayment you have made.

This information is recorded for most consumer loans.

The repayment history goes back 24 months.

If you want to check your repayment history, you can check this on your credit report.

You can get your free credit report from Equifax, Illion and/or Experian.

If you are unsure of your due dates for your loan payments:

  1. Check your latest statement
  2. Contact your Lender and double check
  3. Set up direct debits so you can set and forget your repayments

How does my repayment history affect my credit report?

You may have heard that your credit report is a grade of your credit worthiness…

But it’s actually more like a score.

It can affect if you can get a home loan or car loan, and your potential interest rates.

Your credit report is made up of several different sections, including:

-Payment history

-Debt owed

-Credit utilization

-Length of credit history

-Types of credit in use

If you’ve missed one or a few payments on a credit card in the last 2 years (for example)

These are noted on your report. (Depending on which agency they report to).

The missed repayments will therefore lower your credit score.

They can impede applications for future finance as well.

Have a chat to a local finance broker if you are unsure of your Lender options.

Get in touch with your Lenders if you wish to dispute any payments marked on your report.

They will investigate and get back to you.

Thanks for reading and please email us if you would like to chat about your report.


Or fill in our website contact form here

This article is for information purposes only. It is not financial advice. You can obtain free financial advice from Moneysmart

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