Do you put off checking your credit file for fear that it will just be a long list of past mistakes and minor money misdemeanours? You may want to think again.…
Do you put off checking your credit file for fear that it will just be a long list of past mistakes and minor money misdemeanours?
You may want to think again. Australia is now home to Comprehensive Credit Reporting. What that means for consumers, is that where once only negative information (court summons, judgments or writs, defaults and bankruptcies) was reported to Australia’s three credit bureaus, now they also receive your positive financial transactions.
That means lenders such as Harmoney can now share data with the bureaus on how well you meet your repayments.
And that means is you may well see your credit score get a small boost. But more importantly, what it means is that prospective lenders and creditors have a much more complete picture of your financial behaviour.
That’s really important because it means companies such as Harmoney, which offer personalised interest rates on personal loans based on the perceived risk of borrowers, have much more information about you as a financial personality. It means we can tailor your loan terms to your personal circumstances, rather than offering “one size fits all” loans.
With positive information being added to your credit file, it also mean you may be able to improve your loan terms the next time you apply.
At Harmoney, after six months of on-time repayments, which will appear on your credit file, you may be eligible to apply to Top Up your loan. If your Top Up application is successful you may find you are eligible for an improved interest rate and a larger loan amount.
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