Was advised by a friend that it's a good idea to check credit rating every so often, I was wondering if it's really a good idea?
As previously I have been told it's not so good idea as it puts -ve effect on credit rating.
Have you ever used credit savvy https://www.creditsavvy.com.au/ to check your rating?
i don't think there is anything wrong with doing a credit check once a year to make sure you are not a victim of identity theft
Told by veda staff, for example you have applied or cancelled a credit card with x bank. sometimes that x bank didn t inform veda so you will not or still have record on that particular credit card.
So what's the point of having a credit record if the accuracy can't be guaranteed?
And worst, other banks will use this our not so uptodate record to refuse or accept our new applications, without giving us chance to verify.
Checking your credit score and credit file information with www.creditsavvy.com.au will never impact your credit score or credit standing.
When you access your own credit file, this is done under the "access seeker" provisions of the Privacy Act. This allows you to see what information is held about you, without impacting your future credit assessments.
This is different from when a credit provider performs a credit check, which will record a credit enquiry on you file. These types of enquiries may stay on your file for up to 5 years. Depending on the nature and timing of these enquiries, they may have an impact on your credit score and credit assessments.
I've signed up with creditsavvy and my credit score hasn't changed in 6 months, I've cancelled a card and applied for a new card and nothing has changed… is that normal?
That's because CreditSavvy doesn't hold enough info on you.
Most of the credit providers use Veda because Veda has the largest database on credit enquiries on NZ and AU.
You can get free credit score using getcreditscore.com.au - which will be more accurate than the one provided on creditsavvy.com.au
Credit score is derived based on your credit applications, any defaults or bankruptcies.
Alright I'll check getcreditscore.com.au every month and see where I sit. Currently I'm on 592 or something
@strikerzebra: No point checking it every month unless you are applying for credit that month - most probably it wont change for at least something drops off from your file (like a credit enquiry)
If I cancel a credit card should my credit rating increase? I thought after a period of time of not applying for credit cards your rating will slowly increase?
@strikerzebra: Not instantly - the enquiry when you would have had applied need to drop (takes 5 years from date of enquiry)
Credit reporting bodies collect and exchange this information with credit providers and other service providers such as phone companies.
in privacy section for getyourcreditscore….
what phone companies would they be refferring to… sounds worrying?
I've been monitoring my score using getcreditscore.com.au i do monthly checks atm because i like to observe the changes..and also when i can apply for my next ff credit card lol
I also got my dun and bradstreet credit report recently. What a joke. Barely had any info. Maybe like 4 of 10 credit apps were recorded. No repayment info completely outdated etc
When i got my report from veda last year it was accurate re credit apps but hadn't yet provided repayment history or any of the new stuff.looming forward to getting the updated version later this year
Most people mistakenly believe that checking credit will hurt their own score.There is NO negative impact on the user's credit score from checking their ratings.
https://www.getcreditscore.com.au/
There's also this website.
I don't see how looking at your credit score will have an effect on it. It's not like you're applying for a loan.