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How To Find Your Credit Rating In Australia

In Australia or in any other country the importance of credit rating cannot be ignored. Banks and other lenders are wary of customers that may default on loans that they offer. This is the reason that the first impression that the bank will have about you before giving you a loan or any other financing is through your credit rating. The method of recording and calculating your credit history in Australia is somewhat same to that used in the United States and Canada. Weaker rating will not get you loans and other financial facilities easily. In Australia it is very easy to get your crediting rating information and this article will enlighten you with the steps and tips that you may find useful in getting them.

You can easily get your credit report by using the internet. There are many online sources by which you can get a clear picture of where you stand with your finances. The two most used agencies of credit reports are the Veda Advantage and the Dun and Bradstreet. By law you are entitled to get your reports free of any charge. This report is somewhat an amalgamation of the crucial features of the credit report but is enough to give you the general picture. For a detailed version there is a fee that varies from agency to agency.

Procedure:

The first step is to go to the credit reporting agency website and enter the relevant information about you in the interface given. This will include details like your name, address and other identifying information. You will proceed to the next step by clicking the “continue” button. If you are looking for your credit rating in a detailed version then the interface will request your payment information. Most of these agencies prefer VISA, MasterCard and also PayPal. For the free report a further request of personal information form will be made after which they will be sent to you. After this you will submit the information and have to wait for ten working days. Some agencies also allow you the facility to check your rating online. If you have ordered the detailed version then you will receive it within one working day.

Some things to remember:

Try to use only those credit reference agencies that are listed and accredited by the government. This is due to the risk of identity thefts also the risk of paying more than you have to. Always check the credit report very carefully as they are prone to have errors and mistakes in them. If you find any mistakes it is advised that you contact the credit reference agency immediately and reprise them of the issue. Also simultaneously contact your lender and get these mistakes rectified. This is of utmost importance as credit rating gets affected by inaccuracies, which can be frustrating and distressing. If you are unable to get them rectified and still feel that you are right then you take the matter further by contacting the two organizations that assists you to process your complain. These are:

  • Credit Ombudsman Service Ltd
  • Financial Ombudsman Service