Managing your credit history

Your credit report shows how well you manage your financial responsibilities by recording credit events such as repayment history, defaults (payments that are 60+ days past due) and bankruptcies.

To effectively manage your credit history, follow these simple tips:

Pay ALL your bills on time, not just your bank debts or large accounts

All defaults (including phone, gas and credit card bills) can be listed on your credit report provided they are of a value that is more than $150. Repayment history for financial institutions can also be listed.

Set a budget and stick to it

Managing your finances should be a top priority. No-one likes to set a budget and no-one likes to say no to purchasing something they want but staying on top of your finances is critically important. Take the time to budget properly and have the discipline to stick to it.

Review your credit report regularly or subscribe to alert service

Reviewing your credit report regularly is good practice and it allows you to mitigate fraud risk. By checking your file you can see any credit applications have been made and, if these applications weren't made by you, you can act quickly to alert authorities to potential fraud.

The easiest way to do this is to subscribe to an alert service which will notify you when your credit report changes.

Check your record 60 to 90 days before making a major purchase or applying for credit

Save yourself the hassle of being denied credit – check your credit report before you make a major purchase or apply for credit. That way you will know if there are any events on your file that could make a credit provider consider you to be a risky customer.