Positive credit reporting, what is it?

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Positive credit reporting, what is it? Find out what your credit report is and how to improve your positive credit report and get that loan approved!

What is positive credit reporting?

Positive credit reporting or CCR as it is also known as, is a more recent development within the credit rating system.

It allows those who are demonstrating good credit behaviour to be able to have that reflected on their credit report as well, instead of only reporting negative behaviours.

Your credit score will now reflect repayment histories such as your home loan or credit cards repayments that were made on time, in advance or even larger payments than necessary ie. more than your minimum recommended house repayment.

Your repayment history is stored for two years and only accessible by those who hold a licence with Australian Credit Licence.

Entity’s such as telephone or utility companies are not licensed providers, licensed companies such as banks and lending facilities would be the ones accessing this information when you apply for a loan.

How do I get a free credit report?

You can get a free credit report from a few companies. One of the main companies is Dun and Bradstreet credit report, other credit reporting companies are Equifax (previously known as Veda) and Experian.

To get your free credit report you need to visit one of their websites and phone or fill out one of their enquiry forms to get your free report. It can take up to 21 days to receive your free report however you can pay to have it delivered instantly.

I want to find my credit report Australia, how do I do that?

To find your credit report Australia you need to go to the website of one of the three reporting companies:

  • Equifax (Veda)
  • Dun and Bradstreet
  • Experian

And ask for an enquiry or give them a call and discuss your credit report and how to fix or change entries. If they are incorrect or wrong they can help you clear your credit report before you apply for a loan.

Your free credit report Australia can be found at www.creditrepair.com.au/equifax-credit-report

Or one of the many other credit report fixing companies available, ensure you read the fine print because most companies offer free credit reports but require payment when it comes to changes/fixes on your file even if they are not your fault.

What is a veda credit report?

A veda credit report is the old name for an Equifax report the company has simply changed their name.

Equifax or veda offer a free credit report with the opportunity to fix/change inaccuracy’s from that report which usually involves a fee.

What is a credit-reporting agency?

I’m looking for a d&b credit report, where could I find one of those?

Dun and Bradstreet credit reporting are one of the three major credit reporting companies they provide comprehensive credit reporting for individuals.

How do I get a copy of my credit report?

If you are looking for your credit history report you need to apply for a report through one of the three main reporting companies.

You can also get a free instant online credit report Australia through one of the three main reporting companies. However a free credit report will take 21 days to be posted if you want it instantly you will be required to pay a fee for an instant download.

What is a CR code?

The CR code is a written code of practice about credit reporting in Australia. The system is intended to increase the efficiency of Australia’s consumer credit market.

How do I improve my positive credit reporting?

To ensure you have a positive credit reporting score ensure you:

  • Pay your bills on time; setting up direct deposits/debits is a good way to ensure this.
  • Try not to switch credit lenders too often.
  • Notify your lender of your new address.
  • Research and only apply for credit when you need it.

In conclusion it is great that the big lenders and creditors are now acknowledging and rewarding those who are doing the right thing with their finances and not only reporting on the bad/defaulted payments but those who are showing positive lending habits. It is certainly a win for those who are engaged in positive credit reporting!

positive credit reporting

How customers rate Jacaranda

Positive credit reporting, what is it? Overall rating: 4.8 out of 5 based on 60 reviews.

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Fast & Safe Loans

Small Personal Loan

Loan Amount

Minimum
$300


Maximum
$2,000

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Terms

Minimum
12 Months


Maximum
12 Months

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Costs

Up to 20% Establishment Fee
+ monthly fee up to 4%

Jacaranda Finance does not charge an annual interest rate on SACC loans. These small amount loans incur 'fees' instead of interest. The maximum comparison rate on our loans between $300 and $2000 is 199.43%.

WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate
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Examples

Loan Amount of $1,000 over 6 months repayable weekly (25 weekly repayments). $1,000 (Principal Amount) + $200 (20% Establishment Fee) + $240 (fees based on 4% per month over 25 weeks) = $1,440 total repayable in 25 weekly installments of $57.60.

Loan Amount of $1,000 over 12 months repayable weekly (50 weekly repayments). $1,000 (Principal Amount) + $200 (20% Establishment Fee) + $480 (fees based on 4% per month over 50 weeks) = $1,680 total repayable in 50 weekly installments of $33.60.

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Medium Personal Loan

Loan Amount

Minimum
$2,100


Maximum
$4,600

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Terms

Minimum
13 Months


Maximum
24 Months

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Costs

Annual Percentage Rate (APR) starts at 20.56%
Comparison Rate is 20.56% per annum.

This comparison rate is based on a medium amount credit contract of $2,500 repaid over 2 years with a $400 establishment fee and APR of 20.56%.

WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate
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Examples

Loan Amount of $3,000 over 18 months repayable weekly (78 weekly repayments). $3,000 (Principle Amount) + $400 (Establishment Fee) + $555.83 (reducing interest*) = $3955.83 total repayable over 18 months with weekly installments of $50.71.

Loan Amount of $4,500 over 24 months repayable weekly (104 weekly repayments). $4,500 (Principle Amount) + $400 (Establishment Fee) + $1081.85 (reducing interest*) = $5981.85 total repayable over 24 months with weekly installments of $57.51

* Reducing interest means that the 20.56% APR is applied to the outstanding balance on a loan. When a loan repayment is made, the loans outstanding balance goes down and the APR is applied to that lower balance. Therefore, the interest component of the loan will constantly reduce (as long as repayments are being made!) - thus it is called reducing interest.
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Large Personal Loan

Loan Amount

Minimum
$5,000


Maximum
$10,000

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Terms

Minimum
13 Months


Maximum
36 Months

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Costs

Annual Percentage Rate (APR) is 12%
Comparison rate is 19.88% per annum.

WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate
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Examples

Loan Amount of $5,000 over 18 months repayable weekly (78 weekly repayments). $5,000 (Principle Amount) + $1831.16 (Interest) = $6831.16 total repayable over 18 months with weekly installments of $87.57.

Loan Amount of $10,000 over 24 months repayable weekly (104 weekly repayments). $10,000 (Principle Amount) + $5041.72 (Interest) = $15041.72 total repayable over 24 months with weekly installments of $144.63.

* Reducing interest means that the 19.88% APR is applied to the outstanding balance on a loan. When a loan repayment is made, the loans outstanding balance goes down and the APR is applied to that lower balance. Therefore, the interest component of the loan will constantly reduce (as long as repayments are being made!) - thus it is called reducing interest.
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