This month changes to the Privacy laws were made whereby more information is collected about your credit history.
In the past, mostly negative information was collected and reported about your credit history, e.g. non-payments or defaults on your loans, utility bills, telecommunication bills and any court judgements etc.
Now, your credit history will also show positive information, e.g. the type and amount of loans you have, your credit card limits, who you have finance arrangements with, your employer and length of employment, time at your current residential address etc.
The idea behind collecting this additional credit information is that it will better inform credit providers of how good a credit risk you are. The credit reporting agencies that collect this information will create a Credit Score for each person.
Please click HERE to download a more detailed summary of the recent changes.
Should you have any queries or wish to know how to access your own credit report then please contact Rodney Weir on 07 40 376 400
