Learn Ways You Can Help Your Credit Rating and Protect Yourself from Identity Fraud

Identity fraud is unfortunately becoming more and more common in Australia. However, there are ways you can help reduce the risk of becoming a victim of identity fraud. There are also things you can do to help protect your credit worthiness and ensure you have the best chance of being approved for finance in the future.

1. Check Your Credit File Regularly

Not only does this act as an early detection tool to alert you to possible fraudulent activity on your Credit File, it also means you can ensure all your personal details and details of your Credit History are up-to-date on your Credit File and there’s no nasty surprises waiting for you. You can check your Credit File for free once a year through the Equifax (previously known as Veda) My Credit File website. You can also help to protect yourself from identity fraud by choosing to be alerted if any changes are made to your credit report using Equifax My Credit Alert.

2. About to move house? Update your personal details with your credit providers

It is vitally important that your personal details are kept up-to-date with your credit providers so you don’t accidentally miss any bills or repayment notices. Australia Post offers handy mail redirection services that can help you to keep track of your mail while you move house and get it redirected to your new address.

3. Pay Your Bills On Time

Make sure all of your existing bills and debts are always paid by the due date. If you are experiencing any difficulties meeting your repayment obligations, whether it be due to sickness, loss of job or any other reason, it is always better to contact your credit provider to setup a suitable payment arrangement with them rather than ignoring the issue. This open communication means that you don’t have to stress about getting payment reminder calls and they won’t have to resort to taking necessary steps to recover their money and potentially even listing a default on your credit file.

4. Limit Your Applications for Credit

It is always a good idea to shop around to make sure you are getting the best possible deal and finance shouldn’t be any different. However, it is critically important to understand that multiple enquiries on your Credit File within a short space of time can actually hinder your attempts to secure a finance approval. Financiers tend to become uneasy about lending to an applicant with multiple enquiries for finance within a short space of time on their Credit File. Thankfully, there is a very simple way to ensure you are getting the best possible finance option without congesting your Credit File – contact a good finance broker. Finance brokers have accreditations with multiple financiers and intimate knowledge of each financier’s lending criteria. A good broker can compare finance products on your behalf to find you the best finance package for your needs and ensure your application meets the financier’s lending criteria prior to submitting your application.

5. Protect Yourself, Your Credit File and Your Loan

Loans For U is able to arrange affordable finance packages with various protection options including Loan Protection Insurance, GAP Insurance and even Vehicle Comprehensive Insurance.

It’s easier than ever to protect yourself, your Credit File and Your Loan, simply speak to the friendly Finance Consultants at Loans For U today on 1800 538 287 to tailor an affordable finance package specifically to suit your individual needs.