It is important to keep on top of your credit report, especially if you want to protect your privacy. Checking your credit report regularly will help you make sure that there are no errors or unauthorized activity and if you find that you do have bad credit holding you back from having a good credit score and obtaining finance.
Why check your credit report for privacy?
The Australian government encourages its citizens to preserve their privacy and personal information, by checking your credit report once a year, if possible, is an excellent method to make sure incorrect information isn’t included against you.
Having the correct data in place can help prevent identity theft. The Privacy Act 1988 is a law in Australia that regulates the collection, use, and disclosure of personal information about individuals.
What information should you check?
When checking your credit report for privacy, the information you should be looking out for is:
- Basic identity information
- Previous address
- Credit enquiries or defaults
- Active credit accounts
First and foremost, make sure that your personal information such as name, date of birth, job, and driver’s license or other identifying documents are correct.
Second, check out your credit report for any mistakes. This will include all of the information you provided when applying for loans or other credit, as well as any late payments withstanding more than 60 days that have resulted in default actions being taken.
Depending on the severity of the offense, such credits may stay on your credit report between five and seven years.
Third, check to see whether you’ve made all required payments on time. Last but not least, double-check any identified significant unfavorable credit events such as bankruptcies, court judgments, and debt settlements to ensure they’re correct.
There may be alternative address on your credit report which are not yours, additional names or credit enquiries and accounts that you do not recognise as being made by yourself. All of these things could imply that you have been a victim of identity theft and someone is making applications (or being approved) for credit in your name.
If you find something wrong with your credit report information.
You have the right to know what’s in your credit report, and you can correct any mistakes. Having a correct credit report is important not just for preventing others from stealing your identity, but also for obtaining money. When you apply for a loan like a home loan, for example, the lender will check your credit report to see if you’re trustworthy and able to pay back the loan.
If you do find that you have any defaults, court judgements or fraudulent enquiries, then contacting a company like ours at Clear Credit Solutions, might be your solution to get your financial history back on track. As having these negative listings on your file, it can cause you to be declined finance such as a loan or a credit card. It can also highly increase your interest rates on your loaned finance.
