Your credit file contains all the information that a lot of lenders check and reckon to in order to determine your risk as a borrower. Many automotive dealers, mortgage bankers, credit card companies, and even bankers use them to decide how much they are willing to extend to you as a loan and at what interest rates. Employers, future landlords, or insurance companies can even look at your credit file to see exactly how financially capable are you of repaying before they issue you your loan, grant an insurance policy, rent out their place, or offer you a high-paying job.

Included in your credit file are the things and data that can eventually impact your credit scores, how they can impact your credit, and what is in it for you whenever you seek to apply for a particular loan.

Personal Identification

This can include all basic information such as your date of birth, family name, addresses, employment history, and driver’s license number, if any.  

Your Consumer Credit Info

Your consumer credit info can include:

Consumer credit liability accounts

This is a list of accounts that you may have open and have had previously. It can include the kind of account, open or close, dates, and their credit limits.

Credit enquiries

It contains the details of your credit enquiries that were made on you, or where you have created an application for consumer credit or loans. This can comprise of loans for your family like the purchase, refinance, or renovation of your residential property. This can also include credit card loans, loans such as personal, car loan, or even mortgages, including your contracts with major utility companies like gas, electricity, internet, phone, and more. Credit repair company Credit Solvers says that the more credit enquiries you have on your file, the greater the likelihood that you will be declined for finance in the future.

Public records 

Public record info can include data like court judgments, proprietorship data, directorship data, debt agreement, personal insolvency, and even bankruptcy.

Overdue accounts

Even overdue accounts are not exempt and they can contain your payment defaults and serious credit violations, if any.

Monthly repayment history

The monthly repayment history on credit like credit cards and mortgages are also included in the  credit file. This will clearly state whether or not you have paid the minimum amount that is required of you every month or not. But, remember not all creditors offer repayment history information to credit reporting institutions.

Commercial credit information

Commercial credit information on the other hand contains the following customer data:
– Any overdue and owing commercial credit account or existing debts.
– Credit enquiries made on the person for commercial credit. This can include credit card for commercial use, a business mobile phone contract, or other business loans.

File access information

The file access information details who has recently accessed your credit file. For your credit reporting, only privy credit providers, access seekers, information recipients, and or credit reporting firms can access your credit file following the necessary requirements as outlined in the Privacy Act.
All these information can be used for or against you as you apply for a loan, obtain a mortgage, get a credit card, and deal with financial institutions. Anything that is negatively stated here such as defaults, delinquencies, and more will be counted against your favour. 

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