The Good Finance Guys | Consultation agency

The Good Finance Guys

Phone: +61 400 862 547

Add/Update information

Reviews

Tags

• Businesses
• Local service
• Business service
• Consultation agency
• Loan service
• Mortgage brokers
• Consulting agency

14.01.2022 http://www.smh.com.au//sorry-but-using-migration-to-boost-

11.01.2022 Eid Mubarak to all from the team at The Good Finance Guys.

05.01.2022 The team at Good Finance Guys wish you and your dear ones, a terrific 2018 filled with Wisdom, Prosperity, Joy and Peace. You can always depend and count on us for delivering financial wisdom and efficiently assist with your financial goals. Remember, 2018 is the year to be financially ready to acquire real estate assets and small businesses. New year brings meanigful opportunities to prepared investors. So, Get ready.

03.01.2022 Australian has recently introduced Comprehensive Credit Reporting (CCR), positive credit reporting is a new credit reporting system. This system is intended to make it easier for lenders to make a comprehensive and balanced assessment of a borrower applicant’s credit history. The credit report now includes information about current accounts you hold, what accounts have been opened and closed, the date that you paid any default notices, and how well you meet your repayments. I...n brief, following additional information will be made available by your lender to Credit rating agencies such as Equifax (previously Veda) and Dun & Bradstreet. The new categories of information included in your credit file under CCR include repayment history information and consumer credit liability information. Repayment history information includes: Repayment history for credit accounts such as credit cards, home loans and personal loans Whether you have made a payment or minimum payment required Whether the repayment was made on time or not USA and UK are amongst other countries that use CCR. It is expected such a system will allow consumers to use their positive credit rating as leverage when looking for a loan. Consumers with high credit rating/score will be paying lower interest rates, fees for their loans, it is anticipated. However, it may take a long time and some resistance for this to happen in reality. A credit rating or credit score is a numerical score that represents how trustworthy your reputation is as a borrower. Essentially, your credit score sums up the information on your credit report into one number. The higher the score, the more credit-worthy you are. It ranges between 0 1200. Consumers have to be aware of their liabilities and should avoid higher limits on credit cards, unwanted personal loans etc. CCR also provides an opportunity to prospective borrowers to build their history and achieve a higher score so they can get be eligible for better terms on their finance. As this happens, a whole new world of lending will open up to cate to those borrowers who don’t meet Banks lending criteria. Australian market needs more competition in lending space so borrowers have a wider choice to seek finance. Note: The thoughts and views expressed are personal and do not reflect the views of the Mortgage industry. This article is not a guide or advice of any type.