What is Credit Scoring?
Credit scoring is a mathematical formulation composing client personal information against a ‘score card’ system used by the individual lender.
The outcome or ‘credit score’ determines a clients risk rating and determines applicants success for finance.
The ‘credit score’ positions you as an applicant against all ‘industry norms’ for previous applicants and gives the lender indications as to whether you’ve had a good credit history. Your credit history is used as a strong determent as to whether your next finance application will be repaid or not. Most major banks in Australia use credit scoring.
You can access your credit report from Veda.
This can show your previous credit enquiries, amounts, any defaults or impairments.
If you have any questions in regard to credit score or credit reports please call to discuss further.