Is your credit report healthy?

One of the things lenders take into consideration when assessing your ability to repay a loan is your credit report.

As part of the loan application process, they’ll assess your financial history, including any previous credit applications you’ve made and any payments you may have defaulted on. 

If you’re in the market to buy a property, here’s why you need to check your credit report.

What is a credit report?

A credit report is a detailed record of your credit history. It includes information about the types of credit you have applied for, which loans you’ve opened and how you’ve repaid your debts.

Credit providers like banks and utility companies provide details about your credit habits to credit reporting bodies, which then compile your credit report. 

Your credit report may also include a credit rating. This is a numerical value that represents your creditworthiness and how reliable you are as a borrower. The higher the score, the better. 

How to check your credit report.

In some instances, a credit report can contain a false or incorrect entry. That’s why it’s so important to check yours regularly (you can do so every three months).

If you’d like to access your credit report, please get in touch.

If you do notice something is amiss, you can find tips for fixing your credit report on the moneysmart website.

What is your credit report used for?

When you apply for a loan, the lender will use your credit report to help them decide whether to lend you money, how much they will lend and on what terms.

Of course, they’ll also consider things like your assets, liabilities and living expenses, but your credit report is a consideration.

Does your credit report contain positive information?

Yes. Credit reporting changes have come into effect requiring banks to pass on positive information about your credit history as well as the bad stuff.

Instead of just sharing negatives like defaults and infringements, now your credit report includes positive financial behaviour such as whether you have a solid repayment history.

This gives lenders a clearer picture of your credit history when deciding on loan applications.

Financial hardship changes

From July 1, 2022, changes will come into effect relating to the reporting of financial hardship information.

Say something unexpected happens. A natural disaster for example, and you have to enter into a ‘financial hardship arrangement’ with your lender.

Previously, your credit report might have shown you missed repayments during the arrangement without it being evident that you and your lender had agreed to a financial hardship arrangement.

Now, the repayment history information on your credit report will reflect that there was a financial hardship arrangement in place.

Essentially, it means that if you’ve needed financial hardship assistance, you can better demonstrate your creditworthiness through more accurate reporting of your circumstances.

To find out more about these and other changes relating to financial hardship and credit reporting, head to the CreditSmart website.

How to keep your credit report healthy

Here are some tips to keep your credit report in check:

• pay your bills and loan repayments on time
• pay your credit card off in full each month
• lower your credit card limits and cancel credit cards you don’t need
• consider consolidating debt (speak to us about whether this is right for you)
• limit your credit enquiries
• remove your name from utility bills if you move
• be cautious about identity theft
• regularly review your credit report.

Like to know more?

If you’d like to access your credit report, please get in touch.

I can answer any questions you might have on how to improve your credit report (and therefore your desirability as a borrower to a lender). We’re here to help.

Are you a first homebuyer looking for


We can help get you into your new home.

We’ve worked with clients across Australia to access the different first home owner grants (FHOG) as well as the various stamp duty and other concessions that may be available depending on which state you are in. We can talk you through your various options as well as helping you compare things like buying vacant land vs. an established home.

Enquire today!

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A word from our satisfied customers

Maxine Zhong
Maxine Zhong
19 October 2023
Amanda has been such an incredible support throughout our very first time going through the home loan process. Her thoughtfulness to regularly check in to make sure all our questions were answered and that all our documents were in place helped to make the whole daunting process feel seamless and easy. I could not recommend her enough - she made sure to keep us informed every step of the way and made sure all necessary documents/processes were completed well ahead of time so we never had to worry about missing any steps. She went well above and beyond her role, and I know we will definitely be coming back to her in the future, as well as recommending her to all of our networks! Thank you again, Amanda!
Mark Nesbitt
Mark Nesbitt
11 October 2023
Greg and the team provide an outstanding service. Highly recommended
Christine Tran
Christine Tran
23 September 2023
Yuval handled my first ever home loan, he did such an amazing job I asked to him to refinance for me 2 years later. Yuval made everything very easy for me, and will give his best recommendation as if it was his own. Would always recommend Yuval :)
David Petrini
David Petrini
25 August 2023
Yuval Bloomfield was an absolute delight to work with. He made it extremely easy for my clients to discuss about their financial situation. With Yuval's strong connections he was able to get the loan my clients wanted in very quick time. Will definitely refer Yuval again.
Sophie Linehan
Sophie Linehan
24 August 2023
Greg and the team at 1st Street were fantastic all the way through the process of getting our financing sorted and buying a new home. They not only secured us the most competitive mortgage in the market but they also gave advice on a number of mortgage-adjacent questions that came up along the way. Their responsive and thoughtful guidance helped make the nail-biting process clear and calm. We would definitely recommend their services.
Gabrielle Scott-Jones
Gabrielle Scott-Jones
18 August 2023
Greg and his team gave me exceptional advice and support. They were timely and detailed in their responses and dealt patiently with me as a first home buyer and all of my questions. The lender at the bank commented on how well I was being looked after compared with other brokers in the market. I’d highly recommend 1st Street to anyone, including friends and family.
Eli Simic
Eli Simic
15 August 2023
Great communication and fast service
Richard Kuipers
Richard Kuipers
11 August 2023
Jeremy and his team are superb. Negotiated the best deal for us and were an absolure pleasure to work with. Highly recommended, you can't do any better in my opinion.
Jordan Rivkin
Jordan Rivkin
1 August 2023
The team at 1st Street truly are professionals. I can't recommend Jeremy highly enough, he is extremely competent and just a great guy. You're in safe hands with 1st Street!
Yossi Bengida
Yossi Bengida
23 July 2023
Another amazing job by David and Bree. Always available for our questions, helpful and just 10/10 Seriously good work !! See you on the next one :) Yossi and liz