Your credit report is the first picture of your financial health which every financial institution will see. It's like an x-ray. It shows everything. Good and bad.
Important financial decisions in your life are all going to be made on the basis of your credit report.
Your credit report includes the following information:
Personal info such as address.
Employment – the last 3 employers.
Credit Inquiries on your credit report by financial institutions. Try to keep them to four a year. The more credit inquiries, the worse your credit profile!
Public records of your total financial history, good and bad. Where you’ve paid on time, where you paid late and how late, and where you didn’t pay at all. Defaults on even the smallest amounts – a phone or cable bill, gym membership, 407 ETR – can be harmful.
Credit ratings - R refers to a credit card, I refers to a loan.
R1 and I1 - Excellent! Up to date!
R2 and I2 - 60 days late. Not good!
R3 and I3 - 90 days late. Even worse!
R4 and I4 - 120 days late. Much worse!
R7 and I7 - Credit counselling.
R8 and I8 - Repossession.
R9 and I9 - Bankuptcy. Proposal.
Are you a discharged or undischarged bankrupt? Are you almost finished your proposal or had past bad debt which has been paid off?
Then call Prudent Financial Services or click below to apply online today.
