What is a bad credit history, and how can I check if I have one?

Bad Credit, defaults, judgements and writs are significant negative marks on a credit report and can stem from a variety of situations, such as unpaid loans or court judgements. These marks signal to prime bank lenders that there has been a serious lapse in financial responsibility, making them hesitant to offer credit. Specialist lenders can lend to 95% LVR in high population areas but usually have a higher rate and costs. The most recognized credit reporting company is Equifax.

A bad credit history is a record of your past financial behaviour, which is compiled by credit reporting bureaus. It can include things like late payments, defaults, and bankruptcy. It is important to know your credit history, as it can affect your ability to get a loan or other financial products. To check if you have a bad credit history, you can request a copy of your credit report from a credit reporting bureau. This will give you an overview of your credit history, including any negative marks or defaults. You can also check your credit score, which is a numerical representation of your creditworthiness. It’s important to be aware of your credit history and credit score, as they can affect your ability to get a loan or other financial products. If you have a bad credit history, it is important to take steps to improve it, such as making all payments on time and paying down any existing debt.