Your credit report is a crucial document for your own financial activity. Cumulatively, credit reports reveal your credit history, a collection of information on which many decisions are based. For example, if you are trying to enter into a financial contract such as obtaining a loan or buying a home, your credit history can either help or hinder your case. Moneylenders look to a credit rating as a means of assessing a person’s financial accountability quickly. It is a number that speaks for your character in the financial world, and that first impressions are based on.
St.George Instant Approval Credit Card
Find out why the St.George Vertigo is one of Australias most popular credit cards today! If your still not sure, how about a 5 star Cannex rating? With this incredible balance transfer rate as well, you have no excuse not to give it a go!
- $55 annual fee
- 13.24% p.a. on purchases
- 0.99% p.a. for 6 months on balance transfers
- Cash Advance Rate of 21.49% p.a.
- 55 days interest free
- Minimum Income Requirement of $15,000 p.a.
HSBC Credit Card
HSBC have taken the Australian credit card market by storm with this great card. It is worth trying out with a fantastic balance transfer offer, and no annual fee for the life of the card!
- $0 annual fee
- 17.99% p.a. on purchases
- 0% p.a. for 8 months with 2% handling fee on balance transfers
- Cash Advance Rate of 21.99% p.a.
- 55 days interest free
- Minimum Income Requirement of $20,000 p.a.
How Does a Credit Score Work?
Lenders use a number of methods to calculate credit score, but generally your score will be on a scale of 300 to 850. FICO scoring is the most popular method adopted by lenders. The interest rate that a lender chooses to charge you will depend on that credit rating.
Those who have credit ratings of 720 or higher will receive the lowest, most favorable interest rate. The difference in interest levels between low scorers and high scorers is significant. It pays to have a great credit rating. Unfortunately, despite the hard work that you may have put into scoring a high credit rating, your actual credit history may not reflect it. This is because many credit reports and histories are inaccurate.
False Data
Many people fail to examine their credit reports, and therefore fail to notice any inconsistencies or oversights. It is important that you take action if you notice any incorrect data in your report. Credit report and credit card error disputes are very common, and mistakes do get made. Agencies that prepare credit reports churn out so many that errors are bound to occur.
Australian Consumers
All Australian citizens are protected under the Fair Credit Reporting Act. This act states that if any consumer disputes a legitimate credit report error, or starts a credit card error dispute, the error must be removed from the report within 30 days. Since you have this legislation on your side, you should not hesitate to pursue any potential error you notice. In this digital age identity theft is common and there are many hackers and thieves who are easily capable of credit card fraud. Collect all of your credit reports and study each one carefully. If you have a dispute, draft a letter to the credit report agency you used.
Compile all supporting evidence and documentation that can act as proof to dispute the credit score mistake. You must send all of this to a number of credit rating bureaus who have a certain deadline by which they must have completed their investigation into the dispute, and corrected the disputed information.
You truly owe it to yourself to take the time to examine your credit history. If you have false information that is lowering your score, you are giving yourself a handicap in the financial world. To make your loan options accessible and interest rates manageable, check your credit report carefully.
