If you’ve had difficulty in the past securing that car loan - then it’s essential that you understand your credit report and how to keep it healthy. That starts with knowing what makes up your Credit File and what determines your Credit Score.
Credit Files are held by Credit Reporting Agencies who collect, hold and distribute information from credit and service providers about YOU. And even if you have never applied for a loan, if you are under contract for a mobile phone or have utilities such as electricity in your name – then you will have a Credit File.
Information about your payment/repayment and default history is continually updated and accessible by lenders and service providers you approach for finance or credit.
And each time you apply for an account or a loan, an ‘Enquiry’ is made about your credit history and whether approved or not, the Enquiry is included in your Credit File.
Your Credit Score on the other hand, is a score out of 1000 or 1200 (depending upon which service you use to obtain your report) which is drawn from your Credit File to provide a snapshot of your ability to repay debt and manage loans.
Lenders and service providers have access to your Credit Score and your Credit File, both of which allow them to make responsible lending and credit provision decisions.
CREDIT RATING SCORE CATEGORIES - WHERE YOU SIT?
You can access your Credit Report once a year for free and it's the first step to ensuring you build and maintain a healthy credit history. Click here www.finder.com.au/credit-score/login to access your credit information for free.
comments powered by Disqus
Make a Car Loan Enquiry Now
You can start your car loan application now from the comfort of your home. Our financial specialists will review your details and start searching for the best car loan rates to fit your needs. We'll keep you updated each step of the way, and before you know it, you'll be holding the keys to your new vehicle.
Use Our Easy Car Loan Calculators
Use our super, easy-to-navigate car loan calculators and make informed choices and budget conscious decisions with our calculator tools. Our Car Loan Repayments Calculator gives an estimate of what your car finance repayments might look like. Our Car Loan Repayment Scheduling Tool shows how interest & principal are paid off over time. Our Extra Payments Calculator shows you the time and money you could save on your car loan by paying in more than your regular payments.
