Fixing your credit file before applying for a home loan
Posted on: 22.02.2016
Do I have a credit file?
If you have ever applied for a Loan, Credit card, Telephone contract, Electricity account or Utility service that requires a monthly debit or payment you will most likely have a credit file with ‘Veda’.
All the details of this company are listed below as well as a link to help you on your way to checking your credit file.
What is my credit file?
Basically, A credit file is a detailed report that contains your personal details, information regarding when any accounts with each service were opened or closed as well as whether you paid your bills on time or not.
If you have overdue debts (payment defaults), it may be well worth your while researching the below information and links before applying for a home loan to ensure you can achieve your goals.
Why is fixing your credit file important?
- Whether it’s an application for a new credit card or something as important as a home loan, it will trigger a review of your credit file.
- As little as one negative report on your credit file can result in your application being declined.
- Sometimes, there can also be errors on your credit file which you can amend yourself by countering with bank statements showing payments made and when.
A bad report can also result from people making the mistake of lodging multiple loan applications to different lenders which can be interpreted as several knock backs on your report when in fact no application was actually rejected. You should always try to find the most suitable lender for your needs and make only the one, professionally presented home loan application.
A useful link to get a report of your credit file:
Useful links to help fix your Credit file:
- www.cio.org.au (Credit & Investments Ombudsman)
- www.fos.org.au (Financial Ombudsman service)
- www.tio.com.au (Telecommunications Industry)
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