What Information Is Contained In My Credit File?

Credit files contain a great deal of personal information. It is important to understand what is contained in your credit file and to be aware of who can access this information. This article will explain the contents of a credit file and provide tips on how to protect your personal information.

The information in your credit report is divided into three components:

(1) What’s in a credit file’s consumer credit part?

Inquiries made in the last five years for household, personal, or family reasons or to buy, re-finance, or renovate a residential investment property are examples of such loans. Any debts, including major credit infringements and obligations owing by 60 days or more.

Credit account information including:

• Account for individual credit, such as a personal loan or credit card
• The account’s open and closing dates are shown.
• The amount of money you can borrow is determined by your credit limit. Your credit limit is the maximum amount of financial assistance available for an account. If you accept a higher credit limit, it will be recorded on your credit history.

It’s critical to pay your credit card bills on time each month to avoid extra costs. Credit cards and other lending accounts, such as mortgages, often have monthly repayment histories that are recorded. This will reveal whether or not you paid your bills on time.

Please be advised that any changes will not appear on your credit report right now.

 (2) What’s in the commercial credit section of a credit report?

• Enquiries about commercial credit or risk management are common. In general, these queries pertain to you as a single trader, business partner, property investor, or company director. Any outstanding commercial credit accounts owing to you or where you have gone guarantor are listed.
• The names of credit providers currently providing loans to you
• Enquiries made by a third party, such as a finance broker or other authorised representative representing you.
• Notes regarding matters under investigation, or previous investigations where no amendment was made to your credit file and you requested a note be added to your file.

 (3) Public record information

Information in public records is obtained through bankruptcies, insolvencies, financial settlements, court writs and judgments. This information will be part of your credit report’s consumer credit section.

We hope that this article was helpful and gave you a better understanding of what exactly is on your credit file. If you have any questions or would like advice on credit repair, please don’t hesitate to contact Clear Credit Solutions. Our credit repair team of experts are more than happy to help you get your finances back on track.