Old Records Hurt Potential Bank Borrowers

bad credit loans

More and more people are being denied loans due to the current credit-report system. This is bad news for Australians who have had a poor credit history or suffered bankruptcy, making it virtually impossible to secure a loan through the mainstream lending services such as banks.

Under the current credit report system, credit checks only provide lenders with the number of credit inquiries and details of overdue payments and court judgements in the past five years. Additionally they can see bankruptcy orders made in the past seven years. This comes as a severe disadvantage to those with a less than favourable financial past, to secure a loan and get back on their feet. The reports fail to give a comprehensive individual analysis, and instantly condemn their history to hinder their financial future.

Credit Check

As Rory Mathews CEO of a credit-reporting company suggests the need for a more ample reporting system, “Comprehensive reporting will allow consumers to demonstrate they are a good credit risk…”

At Australian Lending Centre, however there is still hope despite the current credit check system. We are not a bank, so we don’t treat people as just another number. We understand how easy it can be to fall into debt, and that is why we offer a wide range of services including Debt Consolidation, Fresh Start Loans and Credit-impaired Loans.

To find out how we can help you, give us a call now on 1300 138 188 and work towards a brighter financial future.

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