From July 1st, lenders will have more knowledge of loan applicants, and banks will be able to get more information about lenders. Full implementation of the comprehensive credit report next month means that everyone’s credit score may change. For lenders, this will change the loan rules, but some experts say that risks and returns coexist.
These include periodic payment records, the lender’s account, and the type of credit they use. Such a system has already been implemented in the United Kingdom and the United States. From July 1st, banks will have 90 days to share all good loan reports with other financial institutions, giving lenders a more complete picture of the applicant’s financial history. What does a comprehensive credit report mean for borrowers? Almost all credit scores will change, which will affect the loan rate offered by the bank. Rob Towey, CEO of Loan Finder, said the comprehensive credit report will allow lenders to see the lender’s good repayment history in the last two years. He said: “For some customers, these changes will benefit them.”
Australians don’t care much about their credit ratings, although this may improve their negotiating position when trying to get cheaper loans from banks. “If they are applying for a home loan, knowing their credit ratings will affect their ability to negotiate with the lender,” he said. Steve Mickenbecker, head of financial services at Canstar Group, said Change the process when you apply for a loan. He said: “Credit approval will become more automated. If you have a good credit score, you will get a low-cost loan.” He said that smaller banks will be more concerned about the performance of lenders in other financial institutions. . Finder’s Bessie Hassan said that common mistakes such as changing and not updating email addresses may affect your credit score, and using a platform like “pay before you buy” will also affect your credit score.
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