While having a housemate can help you lower your housing costs, especially in areas where the rent is sky high, their actions have the potential to impact your credit score and your ability to access credit in the future. How you ask?
If you’ve been keeping up with the chatter around Comprehensive Credit Reporting (CCR), you would have heard all about the benefits that CCR brings, but you may also be wondering, “What if I’m in financial hardship? How will CCR impact me?”
Haven’t heard of Comprehensive Credit Reporting (CCR)? Never checked your credit score? Well, now is the time to do so! Why? Because your credit information will now be shared with Australia’s credit bureaus.
If you’ve been a member of Credit Savvy for a while now, then you are probably already aware of the reasons why you should monitor your credit score. It’s an important step in building and maintaining good credit, and with Credit Savvy, it’s completely free!
These days we all seem to be glued to our mobile phones. It’s the first thing we check in the morning and the last thing we check before we go to bed. You might even be reading this article on your phone! So, before you sign your next mobile contract, let’s take a look at some of the basics below.
You may be pleased, you may be a little underwhelmed. You may wonder why it isn’t higher but there is another thing you need to bear in mind. It’s all relative.
The team at Credit Savvy believe every Australian should have free and instant access to their credit score. That’s why they’ve teamed up with Experian to give you access to your credit score and credit file information, every month, for free!
Credit scores were developed in the USA in the 1950s, when two statisticians made correlations between which behaviours made a person a good credit risk and which made them a bad credit risk.
Simply put, Comprehensive Credit Reporting (CCR) or ‘positive reporting’ refers to additional information being provided to, and held by, Credit Reporting Bodies (CRBs) in Australia. These changes allow licensed credit providers to access and use this comprehensive information in order to make more informed lending decisions.
Credit Savvy can help by helping you track your score and continuing to show you what’s on your Experian credit file and alert you to any changes.