Therefore, precisely what is bad credit, and exactly how would you have it? Bad credit could very well be most frequently caused by defaulting on re payments or payments that are even making. It is then recorded on your own credit file as negative information, which often brings your credit rating down. It is perhaps not simply current defaults which are taken into consideration. Some negative credit information can stick to your report for as many as seven years. Which means that a blip from years back could be affecting your still capacity to access that loan!
In Australia, you will find four credit scoring agencies.