Hi
From 12 March, 2014 the Australian laws for credit reporting are changing, and this could affect your ability to get a loan.
A credit report is the lender's way of determining whether you're a good risk or not.
In the past, they used "negative reporting", which focused on denied credit enquiries - like credit cards or loans. Every time you applied for credit and were declined, this was recorded as a black mark.
The new system is "positive reporting", which will focus on how well you're servicing your debt. This will be good if you pay your bills on time, but every time you're late (even just 5 days late), it will record a black mark on your record.
So now, more than ever, it's important to get organised, pay your bills on time and demonstrate that you can service your debt.
A couple of tips:
- Set up direct debits for your regular bills and automatic transfers for your credit cards and loans;
- Close down credit card accounts that you no longer use or need;
- Check your credit record - we can help you do this, just give us a call.
If you're planning on buying or re-financing, investing or building your property portfolio, it is now vital that you pay your bills on time - every time. If you're a parent and your kids are planning on getting a loan or credit card, please pass this information on to them.
Whether you're looking for a loan or need help creating a financial plan, please call us. We'd love to help you secure your future.
Regards
Caroline, Sheryl, Janet, Clare & Julie
0425 800 887
Email us
Visit our website
PS Remember to Like our Facebook page to keep up to date with news on the property market
