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FAQ

Help! Nothing has changed on my credit file, but my score has changed. Why?

So your credit score has changed, but you can’t see anything immediately obvious on your credit history to indicate why it’s different? There are a few reasons why your credit score can change, even though it doesn’t look like anything has changed on your credit history. Some of the reasons why your credit score may change are: Data is only held on your credit file for a certain amount of time, something that is decided by privacy laws. A default…

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Comprehensive Credit Reporting – what’s changing (and how it may affect you)

You might’ve heard talk about Comprehensive Credit Reporting being a ‘thing’ in Australia. It sounds complicated (and let’s face it, probably a bit boring). So what is it, and how could  it affect you? And how can you get the most out of it so that you may be able to keep more money in your own pocket? Comprehensive Credit Reporting  –  what it is and how it works Credit reporting used to be about people doing ‘bad’ things (such…

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Is Credit Simple legit? Our response to reviews on ProductReview.com.au

Welcome to Credit Simple. If you’re reading this blog, chances are you’ve found your way here after asking a search engine if our business is legitimate. Indeed, we’ve had some pretty bad reviews on sites such as ProductReview.com.au. So we thought we’d give you the low-down on myths and truths about our business, credit scores, and your rights and privacy. I think your business is a scam and you’re ‘phishing’, or conducting identity theft None of the above. Credit Simple…

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How does my credit score affect mortgages and other loans
How does my credit score affect mortgages and other loans?

The majority of purchases we make in our lifetime are affordable enough for us to either buy outright or save towards over time. This is rarely the case for high-value assets such as houses, cars and other expensive items. Statistics show that the average property price across Australia’s capital cities reached $625,000 in July 2017. A new vehicle is cheaper (and cars are apparently more affordable than ever before, but still a considerable expense nonetheless. Even renting an apartment comes…

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What affects your credit rating?

The factors that determine your credit rating have changed dramatically in recent years, so let’s begin with a brief history lesson. Back in the old days (okay, before March 2014), your credit rating was only based on negative events, such as defaults. This meant lenders had limited data on which to judge your creditworthiness. Three years ago, a new comprehensive credit reporting system (CCR) was introduced. The upshot is that organisations are now allowed to share far more of your…

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How do I know if I have a bad credit score?

Is 600 a bad credit rating? How about 500? Or 400? Without context, calculating your creditworthiness based on your score alone is difficult. Fortunately, we’re here to help you better understand your credit rating, particularly if you suspect you have a bad score. Repayment history information, including any late payments, stays on your file for two years before you’re free and clear. The good, the bad and the ugly Your credit score at Credit Simple ranges from 0 to 1,000…

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How can I fix my credit rating?

Is your credit score making lenders wince? You may struggle to obtain mortgages, car loans, credit cards and other forms of borrowing if you fail to fix your rating. The goods news is that you’re aware there’s a problem if you’re reading this, so let’s explore some of the ways you can repair your credit rating in Australia. Defaults are payments on a credit account that are at least 60 days overdue and worth $150 or more. 1. Identify mistakes…

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Where can I get my credit report?

Where can I get my credit report? Keeping tabs on your credit score is crucial if you have hopes of funding some of life’s biggest purchases, such as a house or car. But what about your credit report? If you’re not sure of the difference, don’t fret, as we’re about to give you a crash course on credit scores and credit reports, including how you can get your hands on them both (for free). Your report contains all the information…

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What is a good credit score range in Australia?

One of the most frequently asked questions that we encounter is ‘what is a good credit score?‘ Without context, your rating (which will be between 0 and 1,000) won’t give you the information you need to better understand your creditworthiness. So we’ve compiled a credit score chart to help you understand what constitutes a good rating range in Australia. Zero score You probably don’t need our help to tell you that a zero rating isn’t great. Chances are, you’ve experienced…

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Credit scores 101: How to check your score (and more)

You may not have put much thought into your credit rating before, especially if you’ve avoided credit cards, mortgages and other loans in the past. But there will likely come a day when you want financial help from lenders, so here’s our quick guide of everything you need to know about credit scores. Any score over 500 is good, so your rating may not be as bad as you think. What is a credit rating? Organisations use credit ratings to…

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