1. Boost your credit score faster
With your repayment information being able to be shared with the credit bureaus, by making sure you are on-time with your loan and credit card payments can help improve your credit score, which is recalculated and updated every month by the credit bureaus.
And the better your score, the better your credit rating, which can give you more opportunities.
2. Get access to more credit and better deals
Because Comprehensive Credit Reporting lists your good credit behaviour, lenders can more accurately determine your risk profile and likelihood you will repay a loan. The lower your risk, the more likely you will be offered better deals such as lower interest rates or greater access to credit, because you have shown a track record of managing and repaying your debts reliably.
3. Quicker recovery from financial setbacks
It can be hard to recover from negative credit behaviours, such as defaults or collection accounts, however by demonstrating good credit behaviour through a Comprehensive Credit Reporting provider (such as Fair Go Finance) you can recover more quickly from the negative impact of bad credit.
Lenders do understand mistakes happen, but what is key is to make sure you don’t show ongoing negative behaviour.
4. Build your credit history and achieve financial goals faster
For the younger generation in particular, who are just starting to build their credit profile, it can be hard to obtain credit with little or no credit history. With CCR, consumers can now build their credit profiles far quicker, allowing financial goals to be achieved (such as buying your first home) a lot faster.
