Anytime a consumer applies for a loan from a financier, lending agency or loan office the application will include an authorization to check the consumer’s credit file. The consumer credit file is a report compiled by a credit reporting agency and including all loans or credit account for a period of several years of the [...]
Credit Check Australia
Credit Check Australia is the premier resource site where Australian borrowers and lenders come for credit history and credit report information.
Perform A Credit Check For Better Borrowing Power
Savvy lenders will check your credit report to determine whether to approve your loan and what loan terms to extend to you. If you want to get the very best loan terms, it is so important to always know exactly what is in your credit report. Regular credit checks server a few different purposes:
- Fixing your credit: if you have blemishes on your credit record, you need to find out what they are BEFORE you apply for a loan. That way you can start repairing your credit and be in better shape when you do apply. Finding out your credit is bad by being turned down for a loan is no fun.
- An early warning system: banks do make mistakes. Misapplied funds, lost payments, funds applied to late and more happen all the time. Getting a regular credit report means you can catch mistakes as soon as they happen, and dispute them. Disputing an issue long after the fact can lessen your ability to rectify it.
- Understanding what shape your credit is in: informed, educated consumers make better borrowers. By always having a handle on how your credit looks, you will know when you can apply for a loan, and when you really shouldn’t. You’ll also know what terms to expect.
Credit Checks For Lenders
If you’re a lender trying to decide whether to extend a line of credit to a prospective borrower for a home mortgage, auto loan, unsecured revolving credit and more, performing a comprehensive credit check is absolutely essential. Credit Check Australia provides valuable information on how you can go about investigating and consulting lenders, creditors, courts and anyone else with pertinent information about the credit habits of your customers. Compiling a detailed credit history report is an important step to take so that you can make an informed decision, based in hard facts, on whether to extend credit, and what terms you should define.
For lenders, understanding the risks associated with every single loan applicant, based on their past credit history, is a must. Don’t go into a credit agreement until you have all the information you need.
So whether you’re a bank getting ready to extend secured or unsecured credit or a consumer looking to apply for a loan or credit card, you can see how obtaining a credit check is a vital first step in this process.