Your complete credit history is shown in your credit report. As debt collectors in Sydney, we can assure you that a good credit history is necessary for individuals and businesses when they apply to banks and lenders for credit.
Your credit report is used by the banks and lenders to assess if they will lend you money, how much they will lend you and over what terms. Your credit history shows whether you are a good or bad credit risk.
At Simple Debts, we are lawyers for debt collection. We recommend the following tips to have a good credit history:
Pay Your Debts on Time
Set up a direct debit with your bank so that your bills are always paid before the due date. Remember that sometimes banks can take up to three days to process payments. Each time that you pay any bill late, even a phone or electricity account, this will affect your credit rating negatively.
Create Good Financial Health
As personal debt collectors in Sydney, we know that by building a strong budget you can work towards good savings and spending habits that will see you build a good credit history.
Live within your means by buying only what is necessary. Purchase luxury products only if you have the spare money to pay for them. Limit credit card spending and pay your card off in full each month.
Know exactly where your money is going. Small items add up. By packing your lunch each day and cutting down buying coffee you can save up to $100 per week – or $5,200 each year.
Consider consolidating your debts into one easy payment and do not take on any further debts. Once the debt is paid, the money that you have been using for debt can be saved.
Obtain a Current Copy of Your Current Report
As lawyers for debt collection, we can help you with this. Assess your credit report for errors and correct any information that is incorrect. You can also add positive information to your credit reports such as full-time employment, and any assets such as a home, shares or savings.
Taking the above into account will see you on your way to having a good credit history. Contact us at Simple Debts, personal debt collectors Sydney for more information.