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How to check on your credit report

Heidi Armstrong, Your Mortgage Q & A Expert discusses "How to check on your credit report".
Ever wondered how credit reports are created or how your past credit history affects your ability to qualify for a home loan today? In this insightful video, Heidi Armstrong, Q&A Expert for Your Mortgage and Director of State Custodians Mortgage Company, explains how lenders rely on your credit report to help determine if your loan application will be approved. Learn to keep your credit report looking good by following the few simple steps outlined in this video.
Video transcript below:
Heidi Armstrong, Director, State Custodians Mortgage Company
Heidi Armstrong:  I am Heidi Armstrong and I am the Director at State Custodians Mortgage Company.
Your Credit Report
I’d like to talk to you today about your credit report.  What is it?  How does it get created?  And what can you do to keep it looking good?  Veda Advantage previously known as Baycorp is a credit reporting agency.  Lenders, banks, non-banks and credit providers all subscribe to Veda, so that they can do a credit history check on potential borrowers.  So every time you apply for a home loan, personal loan, credit card or enter into a contract even with an interest free period, the credit provider makes an enquiry to Veda to investigate what credit application history you have made over the last 5 years. 
In addition your report will advise whether you have any listed defaults, court judgments or bankruptcy notices.  This information feeds in together with your credit application history to give you a credit score.  This credit score feeds in to a lender’s decision about whether they’re going to approve your loan or not.  What many people don’t realise is that there are other companies that actually subscribe to Veda also.  In particular telecommunications and utility companies.  
So if you are moving house, be sure that you pay your utilities and your telecommunications bill on time.   To find out what your credit report currently shows you can ask Veda for a copy of your report.  This will cost you around $36.00.  The advantage of this is you can get some insight into your credit application history and the strength of your credit score.
Most importantly, when you are ready to take out a home loan, make sure that you do your research on the phone or over the Internet.  Don’t apply for multiple loans with multiple lenders at the same time.  If you do this, you will have many credit applications noted on your credit report and this will lower your credit score.  I hope that this information has been helpful and has highlighted how important it is that you keep your credit report looking good.
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