I thought this was good reference material for credit being approved or declined.
Under the current reporting arrangements, a credit reporting agency can include the following information in a credit file: payment on a credit contract is at least 60 days overdue; a cheque for $100 or more has been dishonoured twice; a bankruptcy order has been made against the individual; a credit provider considers that the individual has committed ''a serious credit infringement''; the individual's current credit provider status; and details of recent credit inquiries.
The new scheme, which was introduced in an amendment to the Privacy Act by the Attorney-General, Nicola Roxon, last month, will allow credit reporting agencies to add the following information: the date a credit account was opened; the type of each current credit account (mortgage, credit card, personal loan and so on); the date a credit account was closed; the current limit of each open credit account; and repayment performance history.
http://m.smh.com.au/money/tougher-stand-taken-on-credit-file…
All the more reason not to have credit cards! I really think having them could adversely affect your ability to get a mortgage or car loan. Too much information to use against you, even like one late payment.