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  • July 23, 2018

Home Loan Application and Your Credit File

 What affects my credit file?

Each time you apply for Home Loan, Car Loan, Personal Loan, Credit Card or any other type of credit, an enquiry will be recorded on your credit file.

From 12 March 2014 comprehensive credit reporting information can be included as part of your consumer credit information and may affect your credit report. This includes information such as the date an account was opened and closed, credit limit and type of credit account. Repayment history information can also be included This information can be recorded from licensed credit providers only. Telecommunication and utilities companies are NOT licensed credit providers. Making on time credit payments each month will make positive impact on your credit file.

A number of late repayments on your Home Loan, Car Loan, Personal Loan and a relatively high number of Home loan or any other credit enquiries in a short period of time can have a negative impact on your credit report.

Other “negative” information can also impact your credit file. This includes:

  • Defaulting on loans or bills (overdue debts)
  • Court judgements
  • Bankruptcy, Part IX or Part X Debt Agreement information
  • Court writs


How can I improve my credit file?

Credit file is a powerful weapon when applying for Home Loan or any other Loans

There are few ways to improve your credit file:

  • Credit Reporting Agency takes reasonable steps to ensure your credit file is accurate and up-to-date, however, sometimes there can be errors in your file so check your credit file regularly and let us know if any corrections are required (e.g. incorrect date of birth, misspelling of name or street address etc.)
  • If you believe that some of the records on your file is inaccurate, such as an overdue debt listed by a credit provider or enquiry made by a credit provider, contact the credit provider and seek an investigation
  • If you believe that you have been the victim of identity theft contact the police and the fraud departments of the relevant credit providers so that they can investigate
  • Try to avoid any unnecessary applications for Home Loans, Personal Loans, Credit Cards if you are just shopping around for a good deal and don’t have real intention to commit. Lenders may consider a high number of enquiries in a short space of time as negative.
  • Paying your accounts on time
  • If you experience hardship and unable to make on time payments – contact your credit provider and try to arrange payment plan.
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