Your credit record is more important than you think
If you’re planning to buy a house, it’s a good idea to check your credit file. Because when you apply for a home loan, lenders will be casting their eyes over it too.
They’ll be looking up:
- Obvious personal details such as your name and current address, your employment details, and directorships.
- Credit applications you’ve made in the past—such as for credit or store cards—and to see if you’ve defaulted on payments, or have an ‘infringement’ to your name.
Over time, your credit records are updated and deleted. Applications and defaults disappear after five years, and serious infringements and bankruptcies go after seven years.
You can find out more information on how to check your credit report on the Australian Securities and Investments Commission website.
If you live in Tasmania you should also contact the Tasmanian Collection Service.
