Before you start

Before you start

June 19, 2015
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If you have ever applied for credit in the past, chances are you will have a credit file or credit history kept on you by the Credit Bureau. They could hold information on your credit history on their database for 5 to 7 years depending on the type of information being kept.

  • Your Credit File.  When you apply for credit whether it may be for a home loan, credit card, personal loan or car finance, the lender will have obtained your permission to access your credit file to ascertain that you have a clean or clear credit history. They could tell whether you have defaulted on your past loans, missed your credit card payments, car repayments or have not been paying your utility bills. They may be able to obtain information about any loan that you may have applied for, including the loan amount, even if you did not go ahead with the loan.To get a free copy of your credit file or for more information, please visit
  • The ‘Black Mark’It is most important to avoid getting a ‘black mark’ on your credit file, this include even the insignificant phone or other utilities bills. Most major lenders will not approve any further credit to you if you do not have a clear credit history. With positive credit reporting, lenders are increasingly pricing loan products according to your credit score.
  • Already In The ‘Bad Books?.  You may still qualify for a home loan with a non-conforming lender. These are non-bank lenders that have a less stringent lending policy. They do charge a higher interest rate and fees, depending on the level of credit impairment, the loan to valuation ratio (how much you are borrowing against the property valuation value) and how recent the credit impairment was.


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