Do you know how to interpret your credit history report? Sadly, 93% of Australians don’t know how to, according to Rate City. 80% of their respondents have never checked their credit history report, a shocking number considering how crucial this report is.
Why is this report so important? In applying for a home loan, or any financial transaction, your credit history reflects your financial capacity. It also gives lenders an idea as to how acquainted and up to date you are with your finances, from regular bills to existing loans.
With new changes to credit history reporting taking effect March 12 of this year, this is a good time to examine your financial standing. Ensure that you stay on top of your bills and pay on time. Keep a schedule of your dues, and set it early if possible. This will ensure that you have enough time to readjust your expenses for bills that you have to pay.
Read more about this on the Property Observer website.