Jas Stephens Magazine 29 March 2014

29th March 2014

UNDERSTANDING YOUR CREDIT HISTORY Many Australians are in the dark when it comes to understanding their credit history. However, when applying for a business or home loan, or simply taking out a mobile phone plan, approval can come down to one thing: your credit history.

Interestingly, significant changes to credit regulations are about to occur that will add to the information licensed credit providers can share with each other.

Until now they have not been able to supply comprehensive repayment history, but this will change from March 12.

Yarraville

104 Somerville Road 9316 9000

Williamstown 1/66 Douglas Parade (Corner Stevedore Street) 9393 1600 www.jasstephens.com.au

Changes to the Australian Privacy Laws will allow information additional to default data and failed lending applications to be included on your credit report. This information will now include 24 months of your repayment history for loans, credit cards and other credit.

The peak body for credit providers and credit reporting bodies, the Australian Retail Credit Association (ARCA), has launched a website www.creditsmart.org. au to inform consumers about the changes. It’s worth taking a look.

Organisations such as Veda, Dun & Bradstreet and Experian Australia Credit Services, provide credit reports if you’d like to see what your history shows.

You have the right to obtain once a year one free credit report from each credit reporting body. Something to consider if you are interested in understanding your credit history.

Craig J. Stephens Managing Director / Officer in Effective Control M 0418 547 938

As a service to our vendors, we will require names & phone numbers on entry of all inspections.

Privacy Act 2000: We use personal information collected from you during open for inspections for security purposes. We may also use that information to contact you with respect to this property and others we believe may be of interest to you.

Also, we may contact you in relation to other services provided by us or our associates such as insurance, mortgages and loans. By providing your information to us you agree to our use of it as described above unless you advise us differently. If the information is not provided we may not be able to provide an effective and comprehensive service to you. (Your personal information will be collected and held in accordance with provisions of the Information Privacy Act 2000).

We have obtained all information in this document from sources we believe to be reliable, however, we cannot guarantee its accuracy. Prospective purchasers are advised to carry out their own investigations.

We strongly recommend that you clearly register your interest with our representative at the open for inspection, so that in the event of a sale being imminent, your position is protected.

We make every effort to contact all interested parties prior to a property being sold.

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Call Nicole Grech on 9316 9012 to discuss your options.

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Phone 9316 9025

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suestevens@provincialhomeloans.com.au maxwaller@provincialhomeloans.com.au

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