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    How a Default Affects Your Credit Score

    Have you ever forgotten to pay your phone bill? Left your credit card debt unpaid or missed a mortgage repayment? Failure to repay your debts, whether it be an unsecured or secured debt, a large car loan repayment or small utility bill, may result in a lender listing a default on your credit report

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    Topics: Credit File

    How to Check Your Credit Score for Free

    If you’re like most Australians, you probably don’t think about checking your credit score until you want to apply for extra credit, such as a credit card, personal loan or mortgage. It’s easy to neglect your credit score, especially if you’re afraid of what you might find. However, checking your credit score is a very important part of keeping on top of your finances and making smart money decisions. Especially with the introduction of mandatory Comprehensive Credit Reporting (CCR), it is now imperative you stay on top of your credit score.

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    Topics: Credit File

    How to Bounce Back from a Bad Credit Score

    Author: Bessie Hassan

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    Topics: Credit File

    Bankruptcy and Your Credit Score: The Facts

    If you find yourself in a position where you’re unable to pay your bills, have growing debts like credit cards and loan repayments and your weekly income is not enough to meet your day-to-day living expenses, then you could be facing personal insolvency. Personal Insolvency is defined as a situation where you are unable to pay your debts when they fall due. Unmanageable debt is not only caused by overspending, although this is a common reason for personal Insolvency. It can also be triggered by factors out of your control. Severe illness, an accident, a job loss, or a relationship breakdown are also common causes. There are a number of options which may provide relief from unmanageable debt. However, some also have long-lasting effects on your credit score and ramifications or restrictions when applying for future finance.

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    Topics: Bankruptcy, Credit File

    What is a Credit File and How Can I Fix it?

    Your credit file is a record of your financial history. It lists a number of applications, transactions and financial details and gives creditors a snapshot of how you handle your money. Any default on repayment could affect your credit file and the information on your credit file determines your credit score. You may be looking for ways to fix your credit file and improve your credit score. Your credit file may contain:

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    Topics: Credit File

    Tax Debt Can Impact Your Credit Rating

    From July 1, 2017, the Australian Tax Office will be allowed to report your company tax debt to credit reporting agencies, marking it on your credit file. If you have a company tax debt, this could have a serious impact on the way you run your business. Here is all you need to know about the changes and what you can do.

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    Topics: Tax Debt, Business Debt, Credit File