Baycorp Credit History - Overdue Account

buzzlightyear

buzzlightyear

Yesterday (21/12)I re-subscribed to the BCA Premium Full Credit File service and received an updated listing of my credit history.

I had previously received the report back in October 2003 and again in Septmebr 2004. In the latest report their was a listing of an overdure account from Optus dating back to 13/7/2000, which was not on the original reports.

This was not an error and promptly paid the outstanding amount ($167.09) yesterday. Optus mentioned that they would then send a communciation to Baycorp indicating the amount has been paid.

The issue lies in the fact that whilst the actual entry will be removed from my credit history on 13/7/2005, I am intending to organise finance for at least one property, which was going to be greater than 80% LVR before then.

My understanding is that from a mortgage insurers perspective, this overdue account will preclude me from doing this. :mad:

I have spoken again to Optus and asked them, with some pleading to see whether they would be amenable to removing the default from my record by providing a communciation to Baycorp of that effect. They declined and were not really interested in helping me out.

I am not sure what the next steps might be in this situation. Maybe Banking Ombudsman? Does anyone have any other suggestions?
 
One more point that I forgot to make, earlier this year I purchased an IP at 90%LVR. At that point, there was no overdue account on my credit history.
Would this potentially go in my favour from a mortgage insurer's perspective? ie already obtained finance. Although I guess they don't see the LVR on the credit history, for all they know, it could be 50% LVR I guess.

Of course, if it is the same MI, that might help....maybe? :confused:
 
Buzz,

Firstly you arn't on your pat malone, many a person has a default. Telco's are the most common. Optus will put that your overdue pmt was paid. You can put your side of the story on there as well.
As for your next IP @ 90% LVR I think your best option would be to use a lender that uses the same mortgage insurer as your last loan. Go to the last page of your CRAA file (Commercial enquiries page) and have a look and see who it is, it will be either Pmi or GE unless you used Westpac or StG on your last borrow.
Talk to your broker re this and be upfront about the error that you made back then

All the best
 
Did Optus send you a bill at any time for this amount?
If not you can have it removed from your files. It will be hard for you to prove they did not send it.

Most Banks and insurers disregard PAID telco bills of this amount any way.
 
Buzz,

It's a default under $500. You will find many lenders will ignore defaults under $500 that have been paid, although some do stipulate that the default has to have been paid more than 6mths ago (which will hurt if you're looking now).

Speak to your broker, they'll be able to help you out.

Regards,
Boyler Room
 
Boyler_Room said:
Buzz,

It's a default under $500. You will find many lenders will ignore defaults under $500 that have been paid, although some do stipulate that the default has to have been paid more than 6mths ago (which will hurt if you're looking now).

Speak to your broker, they'll be able to help you out.

Regards,
Boyler Room
Click to expand...
You've given some top information in the past so I'm not doubting you per se, but where does this gem come from (we assume for the purposes of this discussion that the lender is not seeking any excuse to exclude you and all ususal disclaimers apply)?
 
Quiggles,

Not sure what you mean by "the lender is not seeking any excuse to exclude you" but anyway...

As Smile said, telcos are often overlooked, but defaults under $500 are also overlooked by many lenders. How do I know this? Well, like many others on this forum, I too am a mortgage broker and in their policies and guidelines they stipulate that a default under $500 that has been repaid is often overlooked by the credit team.

Like I said, have a chat to your broker.

I hope I answered your question quiggles.

Regards,
Boyler Room
 
Worth getting report?

Hi all.

Just wondering if the Baycorp Credit Rating report is worth getting. If you are applying for a new loan, the lender will do a check anyway (won't they?), or is there more details in this report that make it worthwhile?

Regards
Marty
 
Baycorp question

afternoon all,

I've heard around the tracks that everytime you are credit checked by a company or organisation your rating can be somewhat diminished. Is this (also) true when periodically checking your own credit history?

thanks e x
 
the info in my last post was based on a job I once held at a Telco where we were instructed to only credit check customers as a last resort as it 'tarnished' their record, I'm not sure how much truth is in that...
 
emc,

It doesn't work like that when you request a copy of your credit record.

You are not doing a credit check on yourself!

Cheers,

Aceyducey
 
Kissfan,

I'm referring to when you put in your application for a loan on a really great deal & miss out on the deal because there's been a few hits on your credit record that you didn't authorise.

Cheers,

Aceyducey
 
Aceyducey said:
Kissfan,

I'm referring to when you put in your application for a loan on a really great deal & miss out on the deal because there's been a few hits on your credit record that you didn't authorise.

Cheers,

Aceyducey
Click to expand...
Hi again Acey

Sorry for sounding vague, but surely any unauthourised hits on your credit record would be able to be verified by yourself, would they not?

This has never happened to me, so I'm glad you have made me aware of this.

Regards
Marty
 
Kissfan,

It doesn't happen regularly but it does happen.

Sometimes companies hit your credit reference without authorisation, or a default may be put against it - whether correctly or by accident.

Best to ensure it's as clean as possible, it's simply a risk mitigation thing.

Cheers,

Aceyducey
 
Word of thanks to Rolf

Just wanting to acknowledge a word of thanks to Rolf for his advice regarding my overdue account. :) Rolf had indicated to try and persuade Optus to remove the entry (after it had been paid) from my history, in order to take away any potential issues for borrowing that I will be undertaking in the next month or so.

With a bit of cajoling, pulling in some favours & the right amount of pressure, Optus finally relented today and had it removed.

Kissfan, probably a good example of receiving a copy of your Credit File. Thanks again Rolf.
 
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