Good Credit History Will Count
The stage is set for good credit history to finally be rewarded. Up to now lenders could only see a customer’s negative credit history eg bankruptcies, defaults plus any credit applications although they couldn’t tell if the application was approved or declined.
Changes to the Privacy Act in March last year allow more detailed information to be recorded so more of a borrower’s “good behaviour” will show up in credit applications including repayment history on current loans.
This means before too long we could see clients with a good credit rating being offered a better deal on interest rates and fees.
It is important to keep your credit file “clean”. Make loan/card payments on time (set up automatic payments if necessary) and get rid of unnecessary credit cards. It could save you money in the long run.