Australian Credit Rating report consists of basic information about the credit seeker. The report could be received from an agency named Veda Advantage, which prepares the report for Australian citizens. The report consists of the credit history of the seeker including, personal facts like the name and address of the seeker, his/her date of birth, driving license number and a list of the employers-current and previous.
It also contains the information on the credit applications and enquiries the seeker has made in the past five years. It contains information on various types of accounts, current accounts and overdue accounts.It has information of Bankruptcy as well. Court judgments, writs, summons also form a part of the report. Last but the least is the information on public record like Proprietorships and Dictatorships.
The agency also provides a credit check. It is quite easy. With the permission of the seeker the agency will check the information of the seeker.
As per the Privacy Act, as soon as the seeker signs the document they can proceed with the checking procedure. The research is basically done on the financial background of the seeker.
This credit report is very important since the mortgage brokers, moneylenders, and the issuers of credit card go through this credit report to find out the accurate information about the seeker.
Credit Scoring in Australia
Credit scoring in Australia is considered to be the primary method of assessing the creditability. Credit scoring is assessed not only to find out the creditability but also to fix the credit card limits on credit cards. It is also used in the approval of credit to a company, which has an existing credit base.
Credit Repair in Australia
Australians have a long history of credit repair. If the credit is not repaired the credit seeker is unable to draw any more credit. Therefore it is necessary to repair the credit. Australia records a default list amounting to 1.5 million on credit files. The lenders do not wish to lend to people with greater risk proneness. Credit repairing is an important part of the whole crediting system.