It’s always a good time to check your credit history
If you’re considering applying for a quick cash loan, you may be wondering if your credit is good enough. If you’ve run into some financial trouble like lots of bills hitting you at once, an car accident that requires you to pay an excess or a hospital visit that isn’t covered by Medicare, the worry in the back of your mind that you might get rejected is very real and can cause a lot of stress and anxiety.
Smallloans.com.au believe in giving people second chances when it comes to quick cash loans and our secure approval system can give you an amount up to $600 within 24 hours. But even if you aren’t in dire need of a quick cash loan, it’s always a good idea to check your credit history.
Your credit history could have mistakes
First off, you should check your credit history for any mistakes on there. It may prove quite revealing. Many of your creditors, utility companies and other financial institutions could possibly have failed to tell you about outstanding repayments. Others could’ve marked a default against you while a debt was in dispute. In extreme cases, your creditor was sloppy with the books and didn’t update their records.
You will need to contact a credit reporting body to find out where to get your credit report. There is a helpful guide at ASIC’s MoneySmart website that you can follow as well.
Credit histories and identify theft
If you feel you are unfairly getting rejected for loans and credit cards, checking your credit history may reveal you are a victim of identity theft. Identity theft is a crime in which someone uses your details to run up huge debts in your name which leaves you with the bill and ruined credit. According to the Attorney General’s office, one in 10 Australians experienced misuse of their personal details in the last twelve months. If your credit report shows transactions and credit applications that you definitely did not make, then your identity may have been stolen.
It’s up to you to fix them
When credit histories contain errors, no one else will fix them apart from you. It may seem unfair that these companies can make mistakes and walk away without checking what they’ve done. But like everything in life, if you want something done, you have to do it yourself. You will have to go through your records to find out if everything matches up. It may be worthwhile to hire a bookkeeper or someone with a professional background in finance to give you good advice.
How this helps you in the long run
Fixing mistakes on your credit history that aren’t your fault helps your credit standing. This may give you a pathway to having good credit, which means more favourable terms and lower interest rates on car loans, mortgages and even small finance products like quick cash loans. Sifting through your credit history may take you a bit of time but it could save you a lot of unexpected grief and heartache.Small Loans