Credit reports

I Bad credit ratings in your credit report can seriously affect you ability to obtain a loan for a new or used car or a home loan or loan refinancing. If you can get a loan, the interest rate you will be asked to pay for that loan will be higher than if you had clear credit.

Getting your Credit Report

To obtain a finance for a car loan or a home loan, you have to consent to allowing a credit check. This is called a privacy consent, and will allow the lender to check your credit rating and conduct with your past credit providers.

Your new lender wants to know if you are likely to pay your repayments when due and if you are likely to give him grieve. So its a good idea to check what your past credit providers are saying about you.

Obtaining a credit report to determine your credit history.

We can do this for you, but you may want to check the credit report of yourself and partner by ordering a credit report before applying for a car loan or a home loan.

How to get a free credit report

The Credit report is an essential part of getting finance whether it be a mortgage, commercial loan, home loan, business loan, credit card, personal loan or car loan, or debt consolidation. Even if you want a mobile phone its essential that you don't do anything to attract a poor credit rating. Lets face it, credit is a way of life today, and the more you do to protect your good credit rating the easier finance will be to obtain, and cheaper your interest rate will be. If you have a poor credit rating and want a bad credit loan click here. 
To run a credit check on yourself and get a free credit report, contact the Baycorp advantage It will take about 10 days. For faster service you'll have to pay for the privilege.


Reasons why you should get a credit report on yourself

Find out what others say about you. Know your history.

There is nothing like a credit report to jog the memory. If you have forgotten about electricity bills, mobile phone bills of defunct companies, as well as any credit defaults [failure to make a payment when due or any other breach of the agreement] as well as enquiries for credit, it will show in your credit report. A mortgage enquiry will normally show at least two enquiry checks on your credit report. The mortgage lender and the mortgage insurer.

Wrong identity in your credit report.

Lets say your name is John Smith. Chances are there is another John Smith near you. Make sure that errors don't crop up in your credit report because of this. If your file has been wrongly opened and disclosed a notation has to be listed on your report.

Have you left unpaid bills behind to give yourself a poor credit rating?

It happens a lot. People do forget. Maybe a few "forget" on purpose, who knows. Get your credit report and ensure you don't have judgments or defaults for these silly slip ups. Some lenders are OK with one or two tiny bills, as long as you pay them first. Others will decline you, and you'll never know why. Once bills are left unpaid for 60 days or longer the credit provider can list a default on your credit report. These include telephone companies, electric and gas utilities, credit card companies, retailers and business suppliers as well as banks.

Check for errors on your credit report. What to do about it if you find one.

You've got your report and there are bills listed as unpaid that you have receipts for. Get the errors removed immediately. if you have paid out a credit transaction the credit provider has to notify the CRA. [Credit Reporting Agency]. If this has not occurred advise the CRA.

Divorce and credit. Will you be stuck with your ex's bad credit?

When relationships go bad you need to mutually act fast to protect each partner can use of credit! See your financial adviser and discuss the following.
Cancel all join accounts and split any money.
Cancel pin numbers and have new ones.
Cancel your existing credit cards.
If one partner is to keep the home take the other partner off the mortgage. 
Transfer any bill of sale details and car loan details so that the new single owner is responsible for the debt.
If business ownership is to be split the other party needs to notify, creditors, suppliers, landlord may not assign the lease and this may leave the other partner exposed to risk.
Advise the bankers of the business.
Advise the ATO [Australian Taxation office]. You don't want to be held responsible for unpaid taxes by the ATO, or worse yet be made bankrupt.
This will cost new stamp duty and can be a financial burden in itself, but not nearly as bad as a bad credit rating. The fact is that many a person that doesn't take all necessary precautions may face bankruptcy through no fault of their own. Baycorp advantage will issue you a free credit report, or express pay one for about $20.00.

Who does credit reports on you?

Credit reporting Agencies [CRA] act as credit information exchanges and members send and check information the CRA stores and retrieves on request.
Credit Providers must hold the clients permission to actually obtain the personal credit information, hence in Australia a privacy Act consent is required. [part of the credit application form]
The privacy act consent can be obtained verbally, but is usually signed or a signature obtained later.
The consent should list everyone that the credit provider wishes to or may wish to in the future share the personal and credit information with. It includes, brokers, lenders, credit providers, CRA. Mortgage Insurers, credit collection agencies and more.
The credit information stored covers both personal credit information, and also public information, such as defaults and judgments in the courts. The information that can be obtained and held includes:

Listing Serious credit infringements on your credit report

A lot of people don't know that they can have their own credit seriously impaired by having a serious credit infringement listed. 
This must involve fraudulently obtaining credit. It could also Involve fraudulently evading a person’s obligations to credit, or attempting to evade those obligations. Or that a reasonable person would consider indicates an intention on the part of the borrower no longer to comply with their obligations under the credit agreement. The credit provider must have reasonable grounds before acting. 

How credit report disputes are dealt with.

Protection of credit information. Fortunately in Australia we have very good laws to protect our personal information. [any information that identify an individual or could reasonably identify an individual.]
Both credit providers and credit reporting agencies are obliged to put procedures in place to ensure resolution of disputes in a fair, efficient and timely manner. They want the information held by CRAs' to be accurate and up to date.
Where you have a dispute with a credit provider concerning the contents of a credit report, it will always be referred to the credit reporting Agency for resolution, with written advice to the individual of its actions. The credit provider must provide you with the name and address of the CRA so you may contact them about your dispute direct.
If it becomes evident that the credit reporting agency cannot resolve the dispute in question, immediate advice must be sent you tell you this. You can then refer the matter to the Privacy Commissioner for determination if you so wish.
Remember we can still get you a bad credit loan if you have a poor credit rating.