YOUR CREDIT REPORT
What it means for You and
Your Financial Goals
Your credit report is one of the major components which determines whether you are eligible for finance or not. In addition it can also influence your overall repayments. The contents of your credit file will contribute to your overall credit score.
Did you know? There are multiple credit reporting agencies in Australia which all have different scores. Although the main agency that is utilised is Equifax (formally known as Veda), even Equifax has multiple scores that it uses based on various components on your credit report. To make matters even more confusing lenders differ with which score they use! Confusing much?
The Dreamcatcher team is here to dissect the credit puzzle for you. As experts with credit, we know the dos and don't with your credit history.
We also understand it's frustrating to not be able to see your credit score in real time. Upon request, we will walk and talk you through your credit file in full detail. This means that you will know what will help boost your credit score overtime and of course what to avoid doing that may negatively impact your score.
So if every lender is different, what should I look out for?
Whilst every lender will assess your credit file differently, there are some general tips to ensure that you are doing the right thing:
Apply for finance sparingly - when you approach a lender you run the risk of them placing an inquiry against your name. Although one inquiry may have little implications, several within a short span of time makes it look like you have been rejected multiple times.
Pay your existing commitments on time - although it may be a no-brainer, the difference between paying on time and not can have detrimental consequences the next time you apply. In other words, if you are behind on your loan we can see it.
If any defaults, do make an effort to have it paid off - a paid default will still show up on your credit file but it is better than being unpaid.
So what does Dreamcatcher Finance do with your credit file?
As finance brokers, what we do does not affect your credit file. We do however need to analyse your credit file (with your consent of course) in detail to ensure that you are to be approved by over one of our 50 suitable lenders. We ensure no repeated enquiries are made against your name and the lender chosen is most suitable for you.
I Understand the Above - So What is Required to get Approved?
To take the first step with making your dreams turn to reality, apply now and you will be in contact with one of The Dreamcatchers.
Click the below button to apply now.