Best Ways on how to protect your Credit Report

Nowadays, a good credit score is very important.

Loans are necessary to some of us, and it’s important you know the best ways on how to protect your Credit Report.

So, you might start building a good credit history and maintain a high credit score as it may affect the quality of your life and your future.

If you are planning to apply for a house loan for your dream house or applying for a student loan for your college, you should start to understand on how you can protect your credit report as early as now.

Below are three easy steps on the best way to protect your Credit Report:

  1. Monitor your credit score

What is a credit score?

A credit score is a number, it ranges from 0 to 1200.

Do you have a credit card? Or a loan from the bank? Do you pay those bills on time?

If your answer is yes, then you probably have a high credit score, which means you have a good credit.

But if your answer is no, then you might have a bad credit.

Low scores are around 300 whilst the high scores are around 700-850.

SPEAK TO A CREDIT REPORT EXPERT

How can I check my credit score?

  1. You can purchase a credit score from a National Credit Reporting Agency or other providers;
  2. You can ask your credit card lender or your financial institution if they offer a credit score;

Be Mindful of Identity Crime

In Australia, identity crime costs upwards of $1.6 billion each year, based on the report of Australian Federal Police.

These people will steal your personal information most likely for financial interests.

You don’t want others to apply for a credit card under your name and maximise your credit limit, do you?

These are some ways on how you can protect your personal information:

  1. Do not divulge your credit card information to someone over the phone or through email you don’t really know. You can have the email encrypted for better security;
  2. Do not use unsecured WiFi Hotspots or public computers to do an online bank transaction;
  3. When purchasing a product online, make sure that it’s a trusted online payment website;
  4. Review your Bank Statement;
  5. Check your Credit Report regularly to examine if there are fraudulent activity happening.
  6. Examine Your Credit Report Often

Check your Credit Report regularly to examine if there is fraudulent activity happening.

There are three reporting agencies in Australia, Equifax (Previously Veda Advantage), Dun and Bradstreet and the Tasmanian Collection Service.

You’re entitled to get one free copy of your credit report once every year from each of the three credit reporting agencies.

Or we can get you a copy by sending us an email.

Basically, your credit history has a great significance to lenders, credit providers and employers.

Lenders may use this to evaluate on how you manage your financial responsibilities before they can extend their services.

If you are currently suffering from a bad credit, we are happy to help you. Talk to an expert today! Call us on 1300 436 569!  Email us at info@creditfixsolutions.com.au or check out more articles at our website.

Pin It on Pinterest

Share This