Hi Guys
Went through Equifax for a free credit report. So they incorrectly stated a previous address which I never lived at (but my sister did) and as a result her home loan is on my total credit.
Lodged the issue with Equifax today. However I'm keen to get a home loan. But should I wait till this gets fixed- or do the banks use their own credit check system (and hopefully won't make this mistake). If the latter the I assume should be fine to apply for a loan?
Thanks !ðŸ¤
Sorry do you mean def wait then?
The issue is my total credit is now taken by my sister's loan. So they'll think I have maxed out my credit and the bank may think that I have too much credit already?
When the banks do they credit check do they just rely on Equifax credit report
If you have some time may be like 3 months at least then change it definitely asap. Otherwise you may just keep as it is just before getting loan (and straight after 1-2 of getting loan update details). Credit report reset is sometimes as hard a hard enquiry, Yeah.
When the banks do they credit check do they just rely on Equifax credit report
No not really they look at everything all the 3 beauro's and your statements, your spending habits, your earnings etc.
If it appear as you have out your utilization (your total possible loan/credit amounts), then you are in a terrible position (as far as your credit score goes). Generally try to keep it under 40% ideally under 30-35%. You can reduce this amount by using your credits as debits (aka put money if your CC account and use your money instead of loaned amount or pay it before the statement is issued)
I had some wrong things on my Equifax report as well. Lodged a correction request with them about 6 weeks ago now, still no response. So keep the long times in mind if you're hoping to have it corrected before applying for anything
I'm still waiting two years on. Two entries for my LOC. I doubt you will hear from them without going to some Ombudsman or the like. Good luck.
Go directly to the bank. They need to fix within 30 days
but the issue isnt with the bank- when equifax did their credit report they collected the wrong address hmm? so not really the bank's fault?
yeh thats annoying best to go to ombudsman you would think something like this doesnt happen because they ask for so many identity documents.
I wouldn't hold off applying for loans… the Consumer Credit Reporting regulations work in your favor in this sort of situation.
Some banks will pull back your details and ask you about the stuff on your credit report, others will just use the data and decline/approve the application.
Either way, you have the right to request that the bank give you a summary of the data used to decision your application… They have different names for the report, but if your decline reason is due to your credit history, then your right to see that data kicks in.
Additionally, if there's something incorrect on the report that the bank gives you, then you have the right to ask them to have it corrected… It's a weird quirk of the regulations, but the bank is responsible for facilitating the correction of your data if you exercise your right to request it.
would they use equifax - i mean equifax did the mistake here when searching previous address-
There are essentially three credit agencies active in Australia - Experian, Equifax and Illion
Some institutions use just one, some actually use them all. For any sort of "real" credit - mortgage, personal loan, credit card - you'd be hard pressed to find a lender that doesn't use at least one.
would they use equifax
You could ask… they're just as likely to answer yes, as to use the other two. Equifax Australia was an existing aussie company called Veda that got bought up, so I don't recall them really being impacted by the hassles of the new mother-ship.
You are getting terrible advise on here.
When you lodge a dispute on your file, they have 30 days to respond. Sometimes, they will extend this by sending you an email.
The first thing you need to do is go to the bank with your sister! Something isn’t right, credit checks don’t just happen randomly like that. There is a few things that need to match like D.O.B and full name at least.
You are right, if you apply for a loan now, the bank will question the existing loan and you are almost guaranteed to be declined. This will further drop your score.
Wait until it is resolved.
yeah thats what i thought dob and full name- but turns out they still made the mistake- bunch of idiots
Definitely do not wait if you need a home loan soon, better to fix any errors asap, equifax may like reset some part of your credit profile after any corrections (So you may loose some good credit scoring history too, e.g. Long repayment history, or like Long length of open account)