What's in my credit file?

What's in my credit file?

What do lenders know about you from your credit file?

Your credit file is a breakdown of everything finance providers and utility companies need to know,  to assess whether you are eligible for their services.

At Harmoney, when assessing your loan application, we request your Comprehensive Credit Report. This report should be an accurate reflection of your borrowing and payment habits that are included in your credit file. Only creditors, such as Harmoney, which subscribe to providing positive payment history to credit reporters (also known as credit bureaux) can see the positive payment history in your credit file. That means at Harmoney we can assess you based on positive information about bills and debts you have paid off as well as negative items, when determining your loan terms.

Here is a list of all the standard information that companies like Harmoney can find out from your comprehensive credit report:

Personal details: Your name, date of birth, gender and address history.

Account information: The status of all your current credit accounts and your recent payment history (up to 24 months). This can include credit cards, personal loans, car finance, mortgages, hire purchases, electricity accounts, phone contracts and other utilities.

Credit inquiries: Checks and reviews of your credit information that have been made by providers when you have applied for credit or extensions. A new law, which came into effect on 1 October, 2019, means that lenders such as Harmoney can now make a "quotation enquiry" on your credit file, so we can give you a quote on your loan terms before you complete a loan application. This quotation enquiry will be recorded in your credit file, but cannot be used by a credit bureau to assess your credit score. A credit check will only be reflected in your credit score should you choose to progress from a quote to a loan.

Payment defaults: Payments over $150 that have been overdue for more than 60 days and where the creditor has actively listed the default (timing of these depends on the creditor's own policies, but may be 120 days or more). As the customer you will be notified in writing of the intention to list the default. Defaults remain on your credit report for five years.

Public notices: Notices for bankruptcy, No Asset Procedure (NAP), Summary Instalment Orders (SIO) and other publicly available information. These may remain on your credit report for up to seven years.

Insolvencies: Bankruptcy notices remain on your credit report for four years after the date if discharge - so if the insolvency is seven years, then it will remain on your file for 11 years - or indefinitely in the case of multiple insolvencies.

Court judgments: Judgments for monies made by District or High Courts remain on your credit report for five years (even when paid in full).

Company affiliations: If you are registered as a director of a company by the Companies Office Register, this is also noted on your comprehensive credit report.

Up next in Credit Score Bootcamp:

What is comprehensive credit reporting?

Read more:

You're more than just your credit score

Rehabilitating your credit file

How to build a good score from the start

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