Credit File Secrets

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Unsecured Loans for Poor Credit
People with poor credit may have to undergo a tougher situation where they being full of risks, lenders may refuge the much required loan. The risk for lenders goes manifolds if no concrete security is offered to the lenders. Usually tenants or non-homeowners have to counter such hardships in taking a loan. But here is an especially designed unsecured loan for poor credit that makes the access to ... Read credit counseling article



Is credit counseling right for you
Sometimes people just owe too much. Charge this, pay for that later.

There's not a lot necessarily wrong with that, but anyone will tell you that if your debt payments begin to get out of hand -- or that paying the minimum each month on all of your credit accounts is all you can afford -- then usually it takes just one out-of-your-control event to keep you from paying your bills on time... Read credit counseling article



Credit File Secrets
Sit down with a friend and ask them questions about themselves. They'll be able to tell you things such as what there favourite foods are, their favourite cars, how they like their coffee, what time they like to get up, go to bed, etc. Ask them how much they know about their Credit Record though, and chances are they won't know much - if anything! So how much do you know about your Credit File? It's always a great idea to get acquainted with your Credit Record, because it will play a huge role in helping lenders to determine whether or not to loan money to you. By familiarising yourself with your file, you can also see where you need to make improvements. Before we go any further though, it's wise for me to explain to you what a Credit Record is and what information is on it.

What is a Credit Record and What Information is on it? It's pretty simple really. Basically a Credit Record reflects your payment history and gives prospective lenders an idea as to how you manage your debts. Your Credit File will contain the following information:

- Personal information - your name, residential addresses (past and present), date of birth, employment details, drivers licence number;
- Credit applications and/or enquiries you have made over the last five years;
- Records relating to some current accounts;
- Defaults - put simply any overdue/outstanding accounts that may be listed against you;
- Bankruptcy details;
- Judgements - court orders instructing you to pay a credit a certain amount;
- Writs;
- Repossessions; and
- Public record information, e.g. Proprietorships or Directorships.

Who would Access my Credit Record and When?
Prospective lenders will access your Credit Record when you apply for credit in any form. For instance, when you apply for a mobile phone plan, pay by the month insurance, an in-store card, a credit card, a personal loan or a mortgage, possible lenders will assess your Credit File to help determine your level of risk. They want to know how well you manage any debts.

Why You Should Familiarise Yourself with Your Credit File
Most people don't know there is a problem, in the form of negative listings, with their Credit File until they have had a finance application rejected. By obtaining a copy of your Credit File and familiarising yourself with the information contained within it, you can iron out any problems you may have (by paying out any outstanding defaults, judgements, and generally just getting your finances in order) so you can show the next prospective lender you deal with that you are worthy of receiving credit. In addition, it is a good idea to check your Credit File for any mistakes or fraudulent activity, and quickly report these to the credit bureau - most likely Baycorp Advantage. Sadly, identity fraud is on the rise and people may apply for finance on your behalf, without your authorisation. They can damage your Credit File, so you must be vigilant and check your file at least once each year.

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Credit Report FAQ

Frequently Asked Questions Related to Credit Reports Credit reports are very detailed and are often confusing to understand. Featured below are some answers to common questions regarding credit reports.

Q: How long do negative marks stay on my credit report? A: Usually, any type of credit info, good or bad, stays on your file for seven years from the time of occurrence, or when the account is paid in full or is closed.

There are times when credit will stay on your file for more than seven years. For example, a mortgage and/or credit card account will be listed on your credit report for longer than seven years. This occurs because these two types of accounts are typically active for many years.

Also, bankruptcies stay on your credit report file for ten years. Unpaid tax liens will remain on your file for as long as you are alive! Government student loans that are in default will stay listed for an indefinite period of time.

Q: How can I be 100% sure that negative information is going to be removed from my credit file when it is supposed to be?

A: The credit reporting bureaus have complex computer systems that will automatically remove information as soon as they hit their respective seven and ten year expirations. However, we recommend that you get a copy of your credit report at least once a year to ensure that your credit file is being reported accurately and up-to-date.

Q: What is the purpose of there being three different credit reporting agencies? A: It is likely that each bureau if going to have a different profile on you. Therefore, three companies allow certainty that your information is present. However, it is also likely that one of more of your credit files is going to have mis-information or there is going to be information missing.

Below is some more reasoning behind there being three credit bureaus:

-- Not all creditors will report your history to all three agencies. This will result in your info not being present one or more of your files as reported by three credit reporting companies.

-- Even if all of your information is being reported to all three bureaus, it is likely that they will each have a different profile of you since the information is going to be reported at different times.

-- It is very common for creditors to not use all three credit bureaus when pulling your credit file.

Q: What kinds of debts are listed on my credit report? A: Typically, credit cards, auto loans, home mortgages and student loans will be listed on your credit report. Utilities, cell phone bills, doctor invoices and other types of non-traditional credit will not be present. Be aware that if you don't make payments on any type of non-traditional account, it will be reported and reflected negatively in your credit report.

Q: How long does new credit take to be reflected on my credit report? A: It usually will take a minimum of 3-6 months for an account to be open before you see any signs of positive credit.

Q: Will my credit score be affected if I get a copy of my report for my own personal viewing? A: Your credit score is never affected when you get a copy for yourself. Please note that your score is adversely affected every time someone else runs an inquiry.

Q: How is my credit impacted when a creditor pulls my credit? A: As mentioned, your score is adversely affected every time someone else runs an inquiry. Typically, your credit file will be reflective of all inquiries for the past 24 months.




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