How to find your credit history

Whenever you apply for a home loan or any other form of credit for that matter, the lender will generally check your credit history before approving the home loan or credit application. Here we discuss the importance of your credit history and how you can get access to your credit history.

What is my credit history?

Basically, your credit history is a record of all the loans and other credit you have taken out over the past seven years. It includes any overdue payments, loan defaults, bankruptcy proceedings and other personal details that may affect your ability to make repayments on future loans or credit.

Your credit history will likely be used in different ways by different credit providers. For example, some credit providers may be more lenient than others. When it comes to applying for a home loan however, most lenders will want to see a good credit history before approving any home loan application.

So how do I get access to my credit history?

You are entitled to check your credit history at any time. Most Australians' credit history is updated by a company called Baycorp Advantage. You can access your credit history from Baycorp Advantage by accessing their website at www.mycreditfile.com.au. You will generally receive your credit history in one working day and you can receive it either by email, fax or mail.

Why get a copy of my credit history?

If you do find yourself being refused credit, it will be a good idea to get a copy of your credit history. You may be knocked back for an unpaid phone bill from three years ago, or you may have defaulted on three loan repayments which you can rectify by repaying the outstanding amount. You may also have been the victim of credit fraud at some point so by accessing your credit history, you can check for any discrepancies that may show you have been the victim of fraud.

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