Recently, there has been much discussion surrounding personal credit scores and credit checks.

It should be made known that if you are seeking credit via online applications or via direct contact with a bank, a credit check is conducted and your enquiry is recorded.

The more “hits” are registered on your Veda Credit file, the higher the possibility of your score being reduced. The majority of lenders scrutinise an applicant’s credit file and would note if an applicant has been seeking finance. This may have an effect on their decision making. In short, this generally raises “alarm bells”.

A professional finance broker can help you conduct a credit check prior to any finance submissions and where necessary, help you to address any issues prior to submissions of applications.

Please note that as from July 2017, the Australian Tax office (ATO) will now record any tax liabilities in excess of $10,000 on the applicant’s credit file.