Finance applications & your own credit file



From: Anonymous

I am applying for my next lot of finance
with a new provider and would like to maximise my borrowing capacity.

I am borrowing at a max of 80% LVR, with
no cross borrowings.

I have an equity loan on my own home
with another financier that has been in place many years and does not show up on my credit check file.

Questions :

1-If this equity loan does not show on my CRA, then why do I need to declare it on my new loan applications - which will decrease my borrowing capacity ?

2-Is there some way, the new financier can find out about the equity loan another way?
Combined Bank data base etc ?

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Reply: 1
From: Rolf Latham

Hi Clark

There is no cross lender database that I am aware of, and the CRAA reports are two of the main tools lenders use to assess risk.

The other is your declaration of assets and laibilities. Not declaring all your liabilities potentially places you into a position where the lender could turn around and declare you in default.

Perhaps it is best to just find a lender that will give you the money you require with full disclosure.


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Reply: 1.1
From: Jeanette .

Sometimes I think I would like to get a copy of my CRAA file to see what is on it.
A few years ago when applying for a loan, the lender said 'You will have to cancel your credit card with the other lender' for us to consider you for this loan, so I said 'OK'. Now I went ahead and cancelled the credit card but after I got the loan no-one ever asked me to produce evidence that I'd cancelled it. I think they must rely on 'good faith' of the customer.
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Reply: 1.1.1
From: Sim' Hampel

If you want to get a copy of your credit file...

You can get a free copy of your file which they will send to you within 10 working days, or alternatively you can pay some money to get it more quickly.

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