Credit Report

Why check my credit report?

It's a good idea to regularly check your credit report because:

1. A credit check on your credit history will show any inaccuracies in your credit report that could be hurting your chances of obtaining new credit by giving you bad credit.

2. To check if anyone is assuming your identity, and so protect yourself from identity theft, and protect you from wrongly getting a bad credit report.

3. To be confident that you know what Baycorp advantage and the credit reporting agencies are saying about you.

1. Check it out at Baycorp advantage and by ordering a free credit report. Baycorp are the peak credit reporting agency in Australia.
2. You also get a choice of a free 10 day credit report service, or an express service for around $20.00.
3. If there are mistakes in your report that affect your credit rating adversely, the association will advise you what you need to do to rectify it. Do this straight away.
4. Remember, even a seemingly bad credit report may not be the end of the mortgage trail. Check with Mr Mortgage before giving up hope.
5. We're here to help you get the loan you want. If you have a skeleton in the cupboard, be up front about it to us for we can figure how to best place your loan. 

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Credit reports are an integral  part of getting a mortgage or personal loan, whether it be a home mortgage loan, commercial loan, business loan, refinance, or debt consolidation. 

Lets face it, finance 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. 

To run a credit check on yourself and get a free credit report, contact Baycorp Advantage. will take about 10 days to get your report. For faster service you'll have to pay for the privilege. [around $20.00]

Credit check yourself first. Important reasons why you should get a credit report on yourself.

1. Your Credit history.

   A credit report crystallizes your credit history. If you have forgotten about bills as you have moved  will show in your credit report. Any defaults that you have made on any loan will also be shown. A mortgage enquiry will normally show at least two enquiry checks on your credit report. The mortgage lender and the mortgage insurer. I have heard of more with some lenders as different departments of large banks may do other checks.

2.  Identity credit reporting issues.

   If you have a common name. Chances are that someone else has a similar name and age. 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 by the CRA.

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

   It happens a lot. People do forget. Get your credit report and ensure you don't have judgments or defaults for these silly slip ups. Some lenders are OK with tiny bills, 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.

4. Check for errors on your credit report.

   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.

5. Divorce and your credit report.

   When relationships go bad you need to mutually act fast to protect each partner in the 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 etc.
   • Some Landlords 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. Talk to Bay Baycorp. advantage to get your credit report.

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.

 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.

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