It is important to stay updated and educated with financial related matters and hence, I have decided to collect the information I have retrieved from Accurate Financial Consultants and share it with you all. Before you read further, please be aware this regulation update is applicable to Australia only.

On March 12th 2014, Veda – a credit rating agency has joined forces with a number of banks and smaller tier lenders to roll out an even more advanced system to track your credit report. The system will create a whole new level of transparency for credit providers across Australia. Any loans or credit facilities you currently hold or applied for will all be recorded and tracked down on a very detailed level such as,  whether you have used the facility and if your making repayments on time etc.

If you are disciplined with your money, you will be rewarded with a higher score, and if you are poor at managing your accounts, your scores will be reduced each time you failed to make your repayments on time or in a timely manner.

The scores range from 0 – 1000 and if you are in the vicinity of 600 or plus, your credit score is considered healthy. If you fall below 600, you may find yourself with difficulty in obtaining loans or credit facilities.

read more via icreatepositivity

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