Credit Simple
Now that Australian banks are including positive credit behaviours in their reports to the credit bureaus, it’s much easier than it used to be to fix your credit score. So even if a few late payments or even a default knocked you back a few points, there are ways to work your way back into better credit territory. Here are the steps you’ll need to take to fix your credit rating and get it pointing in the right direction. 1.…
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In the old days, only negative borrowing patterns – think late payments and defaults – could affect your credit score, also known as your credit rating. However, just recently, Australia joined the 21st century and implemented a scheme called Comprehensive Credit Reporting (CCR). That means positive borrowing patterns – like making your payments on time – can help your score tick back upward. The positive and negative factors that affect your credit score Before we jump into the nitty gritty,…
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What is a good credit score in Australia? Your credit score, which is sometimes referred to as your credit rating, will generally range from 0 to either 1,000 or 1,200 depending on the credit bureau calculating it. In all cases, the higher the score, the better. To make it easier to visualise, we’ve provided the table below to help you understand what constitutes a good credit rating in Australia – bureau by bureau. If you want to see how your…
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Have you noticed a dip in your credit score? This could mean many different things. The amount of credit you have, the age of your credit or any altered credit limits could all make your score go down. Comprehensive Credit Reporting (CCR) changes in Australia made earlier this year could impact your credit score as well. While there are many possible reasons why your report changed, let’s look at these common factors. Comprehensive Credit Reporting changes As of July 2018,…
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So your credit score has changed, but you can’t see anything immediately obvious on your credit history to indicate why it’s different? There are a few reasons why your credit score can change, even though it doesn’t look like anything has changed on your credit history. Some of the reasons why your credit score may change are: Data is only held on your credit file for a certain amount of time, something that is decided by privacy laws. A default…
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You might’ve heard talk about Comprehensive Credit Reporting being a ‘thing’ in Australia. It sounds complicated (and let’s face it, probably a bit boring). So what is it, and how could it affect you? And how can you get the most out of it so that you may be able to keep more money in your own pocket? Comprehensive Credit Reporting – what it is and how it works Credit reporting used to be about people doing ‘bad’ things (such…
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Welcome to Credit Simple. If you’re reading this blog, chances are you’ve found your way here after asking a search engine if our business is legitimate. Indeed, we’ve had some pretty bad reviews on sites such as ProductReview.com.au. So we thought we’d give you the low-down on myths and truths about our business, credit scores, and your rights and privacy. I think your business is a scam and you’re ‘phishing’, or conducting identity theft None of the above. Credit Simple…
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The majority of purchases we make in our lifetime are affordable enough for us to either buy outright or save towards over time. This is rarely the case for high-value assets such as houses, cars and other expensive items. Statistics show that the average property price across Australia’s capital cities reached $625,000 in July 2017. A new vehicle is cheaper (and cars are apparently more affordable than ever before, but still a considerable expense nonetheless. Even renting an apartment comes…
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Is 600 a bad credit rating? How about 500? Or 400? Without context, calculating your creditworthiness based on your score alone is difficult. Fortunately, we’re here to help you better understand your credit rating, particularly if you suspect you have a bad score. Repayment history information, including any late payments, stays on your file for two years before you’re free and clear. The good, the bad and the ugly Your illion credit score via Credit Simple ranges from 0 to…
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Where can I get my credit report? Keeping tabs on your credit score is crucial if you have hopes of funding some of life’s biggest purchases, such as a house or car. But what about your credit report? If you’re not sure of the difference, don’t fret, as we’re about to give you a crash course on credit scores and credit reports, including how you can get your hands on them both (for free). Your report contains all the information…
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