Do you want to get a positive credit rating?

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good credit, bad credit

There are some major changes occurring in March 2014 with the way information is reported on your credit file. Historically, only bad credit ratings – missed repayments or defaults were reported on your credit file, which then made it difficult to obtain finance from lenders.

As a part of the reforms to the Privacy Act, new kinds of credit-related personal information can be collected about you. This includes whether you have made or missed a consumer credit payment. This is called ‘repayment history information’ or RHI. This has been happening from December 2012 and information will be available to credit providers from March 2014.

From March 2014, not only your negative but also your positive credit rating will be a factor in deciding whether you will be eligible to be provided with credit. This means that if you have failed to make full repayments on time since December 2012, it may affect your ability to obtain credit in the future.

Do you think it will affect you? Have you been making payments on time?

 

 

About the author

Obu Ramaraj Obu Ramaraj has been a mortgage broker since 2009. She has written over $80 million dollars of loans and still maintains a personal touch to all her clients, no matter how small or big your deal is because she enjoys helping people achieve their dream of buying their own property. By sharing her knowledge and experience she hopes to instil confidence in anyone looking for a home loan. Her attention to detail and drive to achieve the best result for each and every client are enviable assets in the home loan industry. Obu is passionate about helping all home buyers feel comfortable with the property buying process; however her strongest passion is to help more people become self-assured property buyers. Her goal is to increase their financial awareness and have more people buying houses from a very early age, comfortable in the knowledge that they have made the right choice for their circumstances.