Refused Credit - Reviewing Your Credit File

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Bank Rip-Offs Revealed - Click for Video

Ever apply for a loan and wonder why you might have been knocked back?

Every time we apply for a loan, credit card, mobile phone plan, or simply to have the gas, electricity, or telephone connected, the provider of the credit will run a check on us with a credit reporting agency to ensure we have a good credit history. If we have ever defaulted upon a payment for something, even something as small as forgetting to return that video you borrowed before moving, chances are it’s recorded on your credit file.

Besides not returning a video to the video library, it’s possible for businesses to incorrectly report a default or some other erroneous information to your file. For example, the ABIO’s 2002 annual report detailed the case where one customer had applied to the bank for a credit card with a $1000 limit. However, it was that bank’s policy to record the maximum limit applicable to that card with the reporting agency, in this case $15,000. This could have severely restricted this individual’s ability to obtain further credit in the future. The individual complained to the ABIO and the bank subsequently rectified the problem.

Defaults are listed upon a credit file for up to 5 years.

What most people don’t know is that it is possible to obtain a copy of your credit file for free. If you find an error upon it (or an unreturned video?), you can always seek to have this rectified so that your file can be clean again.

Baycorp Advantage is the largest credit reporting bureau in Australia and holds up-to-date records on over 13.5 million individuals and trading organisations.

Requests for credit files will be actioned within 10 business days of receipt.

Requests need to be made to:

Veda Advantage Public Access
PO Box 964
North Sydney NSW 2059

http://www.mycreditfile.com.au/

OR FAX: 02 9278 7333

To obtain your file you will need to provide them with following:

Your full name;

Your date of birth;

Your driver's licence number;

Two forms of identification including:
a) a copy of your driver's licence, passport, birth certificate or Proof of Age card, as well as
b) a document issued by an official body which includes your name and address (i.e. rates notice, utility bill or bank statement)

Your current residential address;

Your previous addresses;

Your current employer or a previous employer;

Name of the organisation to which you last applied for credit;

A daytime telephone number;

Your signature; and

How you would like your file sent to you, via post, fax or email.

You will need to clearly state whether you are requesting a copy of your Credit File or your Insurance File.

If 10 days is too long to wait, for a cost of about $40 Baycorp Advantage promise to send your file out within 1 business day of receipt of your request. The $40 service also allows you to monitor future changes and additions to your credit file as they happen.

If you are experiencing trouble with obtaining a home loan, read our article: Difficulty Obtaining a Home Loan?

For more information on credit applications in general, see our article: Credit Application Tips.