Your Credit Record
Individuals do not have 'credit ratings', like a score. There are credit-reporting agencies that collect information about what loans you apply for and whether you default on those loans. They do not keep a record of whether you pay on time, although this information may be available from institutions you have borrowed from.
Information they do keep includes:
| Accounts overdue by more than 60 days where a credit provider has tried to contact the debtor by letter |
| Previously listed overdue accounts that have been settled or brought up to date |
| Bankruptcy orders |
| Court judgments |
| Records of some current credit accounts |
| Defaults and court processes such as claims, summonses and judgments are held on file for 5 years from the date they are noted. Bankruptcy stays on your file for 7 years. |
You may be rejected as a borrower because of loans you failed to repay in the past. If you are rejected on the basis of records kept by a credit-reporting agency, you must be told in writing.
If you would like to obtain a FREE copy of your individual credit file (which can help you when you have been refused credit or assist in managing your credit arrangements) write to:
Baycorp Advantage, Public Access Division, PO Box 964, North Sydney, NSW 2059 and give:
| 1. Your full name |
| 2. Your residential address (if you have changed addresses in the last five years, you need to include previous addresses) |
| 3. Daytime contact telephone number |
| 4. Your Date of Birth |
| 5. Your driver's licence number |
If you need your credit record in a hurry, you can use the credit express service at: http://www.baycorpadvantage.com which provides an online ordering system to obtain a copy of your own file. This service can also supply instant credit information on companies and businesses. A $23.00 fee is charged for this service.
If you have never applied for credit, you do not need to go to an expensive company to establish a 'credit rating', or buy a mobile phone before you can approach lenders. Your loan application will usually be assessed on the basis of your income, property and other commitments, not whether or not you have borrowed before.
If the information in your credit record is wrong, or there is some other problem, you can make a complaint to Baycorp Advantage on (02) 9464 6000 or contact the Federal Privacy Commissioner on 1300 363 992 or http://www.privacy.gov.au.
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