Qualifying for a loan is about to become harder in Australia when payment history comes in
Cordato Partners, Business Lawyers, Property Lawyers and Tourism Lawyers
Every time an Australian applies for credit - a home loan, an investment loan, a personal loan, a car loan, a furniture loan, a store card, a credit card or a mobile phone plan or an electricity/utilities account, the lender will have access to their individual credit file.
What is an individual credit file? it is a a file kept by a credit reporting agency such as Veda, which can contain 90 facts about an individual starting with full name (and previous names), date of birth, address (and previous addresses), employer (and previous employer) and credit defaults such as if a payment has been late by more than 60 days?
Veda keeps 6.4 million credit files for Australians, covering 99% of the adult population.
So why is qualifying for a loan about to become harder? It is because from 12 March 2014, for the first time, credit files will contain details of all curent credit accounts, and a 24 month repayment history.
Read more on www.propertyinvestmentlawyer.com.au
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