What Factors Have No Effect on your Credit Score?

Your credit score is a key factor in your overall financial health. It can affect everything from the terms of your mortgage or car loan to the interest rate you are offered on a credit card. So, it’s important to understand what factors influence your credit score and what doesn’t have any impact at all. Here’s a look at some of the factors that have no effect on your credit score, as well as how to begin the credit repair Australia process if you do have bad credit. Read on to learn more…

Credit reporting bureaus collect data on your financial history, but they don’t record information regarding your political, social, or religious convictions or ties; sexual preferences or behaviors; criminal records; lifestyle choices; character qualities; reputation; medical history or physical handicaps. The only thing that determines a credit score is the information contained in your credit history, not outside factors.

You’ve probably heard how a credit check conducted by a bank or other credit provider can damage your credit score. Multiple credit checks over a short time period are notorious for sinking credit scores, since they may suggest to lenders that the applicant is desperate for credit and is more likely to default on payments. However, checking your own credit score does not affect your credit score.

It’s always a good idea to keep tabs on your credit score. This will give you an idea of how lenders perceive you, and whether any inaccurate information is being reported about you. If you find out that something is wrong, correcting it may help improve your credit score in the future.

If you have found that your credit score is lower than you would like it to be due to bad credit, don’t worry because Clear Credit Solutions can help with credit repair Australia! We help remove defaults and negative listings off of credit files, this gives you a better chance of being approved by lenders. So what are you waiting for? Call us today and let us help you with the credit repair Australia process!