Do you know what your credit file says?

Three quarters of Australians are unsure what a personal credit file is despite the fundamental role they play every time a person applies for a personal loan or credit card, a new phone, electricity or gas bill or a mortgage.

Chris Gration, Head of External Relations at Veda Advantage said personal credit files are integral to the health of the credit economy.

“A credit file contains information which financial institutions use to make an assessment about whether someone is in a position to pay back a loan.”

“Our ability to buy a house, start a business or even get broadband connected often depends on our credit history – much of which is documented on a personal credit file.”

“A payment default can be placed on a person’s credit file after 60 working days. Most defaults remain listed on a credit file for up to five years and can affect an individual’s credit applications during that period.”

Source: Veda Advantage