The Credit Report Puzzle

Your credit report acts like a snapshot of your financial history—showing lenders how you manage debts, repayments, and financial commitments. Whether you’re considering your next property purchase or refinancing, knowing your credit standing can make all the difference in how lenders assess your application.

What is a Credit Report?

A credit report is a detailed record of your credit history, compiled by credit bureaus. It includes:

• Personal details

• Credit accounts and repayment history

• Defaults, bankruptcies, and credit inquiries

Lenders review this report to determine your creditworthiness when you apply for a mortgage.

What about Your Credit Score?

Your credit report also features a credit score—an indicator of your overall credit health. Think of it as a puzzle piece that shows your financial reliability. Factors influencing your score include:

• How much you’ve borrowed

• Your repayment history

• How often you apply for credit

Higher scores (up to 1,200 or 1,000 depending on the agency) generally mean better borrowing power.

Where to Access Your Credit Report?

You can get a free copy every three months. It’s wise to review it annually—especially before applying for a home loan. You can request your report from agencies like:

• Experian: 1300 783 684

• Illion: 132 333

• Equifax: 138 332

Remember, information may vary across agencies, so check more than one if needed.

What Should You Do if Something Looks Wrong?

If you spot inaccuracies—such as debts that aren’t yours or incorrect personal details—contact the agency to correct them. It’s free and crucial, as errors could impact your chances of securing a loan in the future.

Tips to Improve Your Credit Score

• Keep credit card balances low and pay on time.

• Limit new credit applications.

• Review your report regularly for errors.

• Maintain a diverse credit mix.

• Set up automatic bill payments.

Can You Still Get a Mortgage with Bad Credit?

Yes. Some lenders specialise in bad credit home loans, considering personal circumstances. These options might come with higher rates or fees, but they can help you unlock the right home loan.

Thinking about your options? Call Your Lending Experts at 1300 941 464 today.

We’re here to help put your mortgage puzzle together

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Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.