Credit Check: What you’ll discover in your credit report that can hurt you

I have just written article and it was too long for a blog so this summary will give you an idea of what its about and whether you need to take action today. In my view if you are over 18 years old and have a mobile phone account in your name, you need to read this. Getting a credit report on you and your partner well ahead when you have to make a home loan or other credit application can save you a lot of stress and even give you the information and the time that you may need to clear any bad credit defaults that might hurt you chances of getting a loan. Don’t leave it till you want a home loan, car loan or credit card finance.

Do it today. The full article on why you need a credit check today and what you may discover in your credit report that can hurt you is here.

Whilst you can get a home loan with bad credit, your credit score will determine the options that you are precluded from. The best mortgage interest rates and the best credit offers are for those with clear credit histories.

Life is getting more hectic my the day and that makes it easy to forget credit obligations that we have left to hang.

Whilst out of “sight out of mind” may be good idea with less important matters, your credit obligations are different. Most credit providers today have automated systems in place to list your default within a predetermined timeframe. They don’t even have to think about it. The problem is that your credit rating can be adversely affected by leaving bills unpaid. By the way a credit provider is not just your bank, but anyone who gives your a product or service where you pay later, like your phone company, your electricity and gas provider, your appliance store or other stores, just to give you a few examples.

Here’s a quick list of credit that you may have slipped your mind and may be a good idea to clear up that getting your credit report today will clear up for you.

Over 1,500,000 people have bad credit caused by unpaid bills in Australia. that equates to over 10% of the Adult population and the same would apply in the US and the UK. The only way you will be able to find out about these unpaid bills is to obtain a credit report.

Here’s the problem. If you pay the debt off, it becomes a paid default, instead of an unpaid default. [It does not get erased from your credit file]. It is better to have a paid default than an unpaid default, and it is better if that happened 6 months or more before you want the credit, not at the time of the home loan application or other credit application. [You look like you have to be forced into doing the right thing, instead of doing what’s right before you have to.