Credit Checks 

No credit checks are conducted by Mr Mortgage

Are you concerned about your credit rating and how credit checks affect these? Then you should only apply through Mr Mortgage because we never report your enquiry to the credit reporting agencies and we never do a credit check as these are both logged on your credit report for 5 years!  "Looking for home mortgage finance? Try Mr Mortgage first for 100 percent home loans, 95 percent mortgage refinancing with debt consolidation and 95% lo doc mortgage loans and bad credit mortgages now."

Only our lenders, and their agents such as Mortgage Insurers do a credit check, and only once we have selected our best loan option and lender from the information you give us. A credit check can only happen after you have signed [or otherwise given verbally on direct questioning by a call centre for instance] your consent to having your credit information shared with the lender, and anyone attached to them. We do not ask or obtain this consent form you. This happens later.

Is it time to refinance your mortgage with Mr Mortgage? www.mrmortgage.com.au

Go to our main page click here

To apply for a home loan click here

Many lenders can adversely affect your chances of getting credit by:

1. Reporting each credit enquiry on the day of your enquiry.
2. Having more than one department [as a broker I have seen up to three reports from one lender for one enquiry] report your enquiry.
3. This can make you look bad.
4. We suggest that if you believe that you have a credit  history problem that you do a credit check and obtain a free report on yourself from  Baycorp advantage. This is a free service if you are prepared to wait.
5. This credit check is not logged on your credit file! All others are.
6. You also get a choice of a free 10 day credit report service, or an express service for around $20.00.
7. If there are mistakes in your report that affect your credit rating adversely, the association will advise you what you need to do to rectify it. Do this straight away.
8. Remember, even a seemingly bad credit report may not be the end of the mortgage trail. Check with MrMortgage before giving up hope.
9. The truth adequately explained beats the hell out of little white lies. We're here to help you get the loan you want. If you have a skeleton in the cupboard, be up front about it to us for we can figure how to best place your loan. 
10. Oversights or cover-ups by the borrower will only bring grieve in the end and will not serve any purpose at all.

Mortgage Insurers usually run two credit checks.

1. One credit check when they receive the file and before they consider the risk implications of taking the loan on, and,
2. The second credit check is done just before settlement, to ensure that no other adverse credit reports have occurred, and
   1. also to ensure that the borrower has not taken any other loans out in the meantime.
3. Settlements sometimes do not proceed because of the outcomes of these two credit checks. We have even seen a second check turn up credit issues missed the first time!

Go to our main page click here

To apply for a home loan click here

Credit checks  are an integral  part of getting a mortgage whether it be a home mortgage loan, commercial loan, business loan, refinance or debt consolidation. 

Lets face it, finance is a way of life today, and the more you do to protect your good credit rating the easier finance will be to obtain, and cheaper your interest rate will be. 

To run a credit check on yourself and get a free credit report, contact Baycorp advantage.  It will take about 10 days to get your report. For faster service you'll have to pay for the privilege. [around $20.00]

Credit check yourself first. Important reasons why you should get a credit report on yourself.

1. Your Credit history.

   A credit check crystallizes your credit history. If you have forgotten about bills as you have moved  will show in your credit report. A mortgage enquiry will normally show at least two enquiry checks on your credit report. The mortgage lender and the mortgage insurer. Sometimes you can get as many as three from one lender before it goes to the mortgage Insurer.

2.  Identity issues.

   If you have a common name. Chances are that someone else has a similar name and age. Make sure that errors don't crop up in your credit report because of this. If your file has been wrongly opened and disclosed a notation has to be listed [erroneously] on your report by the CRA.

3. Have you left unpaid bills behind to give yourself a poor credit rating?

   It happens a lot. People do forget. Get your credit report and ensure you don't have judgments or defaults for these silly slip ups. Some lenders are OK with tiny bills, others will decline you, and you'll never know why. Once bills are left unpaid for 60 days or longer the credit provider can list a default on your credit report.

4. Check for errors on your credit report.

   You've got your report and there are bills listed as unpaid that you have receipts for. Get the errors removed immediately. if you have paid out a credit transaction the credit provider has to notify the CRA. [Credit Reporting Agency]. If this has not occurred advise the CRA.

5. Divorce and credit. 

   When relationships go bad you need to mutually  act fast to protect each partner can use of credit! See your financial adviser and discuss the following.

   • Cancel all join accounts and split any money.
   • Cancel pin numbers and have new ones.
   • Cancel your existing credit cards.
   • If one partner is to keep the home take the other partner off the mortgage. 
   • Transfer any bill of sale details and car loan details so that the new single owner is responsible for the debt.
   • If business ownership is to be split the other party needs to notify, creditors, suppliers, landlord  may not assign the lease and this may leave the other partner exposed to risk.
   • Advise the bankers of the business.
   • Advise the ATO [Australian Taxation office]. You don't want to be held responsible for unpaid taxes by the ATO, or worse yet be made bankrupt.

This will cost new stamp duty and can be a financial burden in itself, but not nearly as bad as a bad credit rating. The fact is that many a person that doesn't take all necessary precautions may face bankruptcy through no fault of their own. Go to Baycorp advantage  now to get your credit check done.

Go to our main page click here

To apply for a home loan click here

Who does credit checks for you?

Credit reporting Agencies [CRA] act as credit  information exchanges and members send and check information the CRA stores and retrieves on request.

Credit Providers must hold the clients permission to actually obtain the personal credit information, hence in Australia a privacy Act consent is required. [part of the credit application form]

The privacy act consent can be obtained verbally, but is usually signed or a signature obtained later.

The consent should list everyone that the credit provider wishes to or may wish to in the future share the personal and credit information with. It includes, brokers, lenders, credit providers, CRA. Mortgage Insurers, credit collection agencies and more.

The credit information stored covers both personal credit information, and also public information, such as defaults and judgments in the courts.

 How credit report disputes are dealt with.

Protection of credit information. Fortunately in Australia we have very good laws to protect our personal information. [any information that identify an individual or could reasonably identify an individual.]

Both credit providers and credit reporting agencies are obliged to put procedures in place to ensure resolution of disputes in a  fair, efficient and timely manner. They want the information held by CRAs' to be accurate and up to date.

Where you have a dispute with a credit provider concerning the contents of a credit report, it will always be referred to the credit reporting Agency for resolution, with written advice to the individual of its actions. The credit provider must provide you with the name and address of the CRA so you may contact them about your dispute direct.

If it becomes evident that the credit reporting agency cannot resolve the dispute in question, immediate advice must be sent you tell you this. You can then refer the matter to the Privacy Commissioner for determination if you so wish.

Remember we can still get you a bad credit loan if you have a poor credit rating.

To get a free credit report from Baycorp advantage now!

Go to our main page click here

To apply for a home loan click here