Credit refers to any kind of recognition or approbation for an act or task. It is the same when applied to ones market standings. Credit reports are such a device. They are the representative of one’s market worthiness in financial terms. Credit Report refers to a comprehensive record of every monetarily vigorous individual or organization which is sent to classified credit examination firms like the banks, lenders, internet suppliers, etc. This information is further used by such companies, lenders, banks to asses where the customer is potential enough vis-a-vis the risk associated with granting credit.
Consumers by writing to the credit firm can get a free copy of their credit reports under the Privacy Act. And they can expect the response to their request within 10 days of writing. Veda Advantage and Dun, Bradstreet and Baycorp Advantage are Australia's largest credit reporting agencies. These agencies are further governed by the Federal Government and the Privacy Act. They handle a huge volume of data base with over 11 million consumer and 1 million commercial credit reports. The credit report includes information such as name, address, date-of-birth, employment, sex, cross reference name and drivers license details which would further aid the lenders in deciding the potential standings of the customers.
The file may also contain information pertaining to any kind of credit application or enquiry made during the past five years. Most of the lenders look for information pertaining to records of some current credit accounts, any kind of overdue accounts and defaults which may have been listed against the applicant or any kind of bankruptcy information.
The file may also contain information pertaining to any kind of credit application or enquiry made during the past five years. Most of the lenders look for information pertaining to records of some current credit accounts, any kind of overdue accounts and defaults which may have been listed against the applicant or any kind of bankruptcy information.
It also needs to be noted that credit report not only shows the good standings but would also flash a report to the lender when the applicant defaults on any contract of payment for more than a week. This data helps them to build credit score or a rating which is further passed on to firms accessing the credit value of the applicant. It is conspicuously important to mention that a good rating would help you get reduction in the credit bills.
