Your credit report can be a valuable asset when you apply for a loan. But we still seem unclear on what goes into a credit report – industry super fund-owned bank ME dispels common credit report myths.

Here are five things we’re getting wrong.

  • Misconception #1: It’s only banks that check out your credit report

Research by CreditSmart found less than 50% of us know that credit reports are used by telcos and utility providers when we apply for a new mobile phone contract or open a new gas or electricity account.

  • Misconception #2: Your credit report shows only recent loans

Your credit report will show any applications you’ve made for credit over the last five years – even those that weren’t approved – so it’s a good idea to keep applications for finance to a minimum.

  • Misconception #3: Late loan repayments are the only thing that matter

Loan repayments matter, but it also pays to stay on top of other bills. Any defaults on your mobile phone contract or utilities bill will be noted on your credit record for up to five years.

  • Misconception #4: Your credit report will negatively affect your job prospects

One in ten people think that employers will check out their credit report when they apply for a job.

Not so. Access to your credit report is strictly limited. It can’t be accessed by a potential employer when you apply for a job or even by a real estate agent when you apply to rent a house.

  • Misconception #5: Traffic fines appear on your credit report

Plenty of personal details are left out of your credit report, like your marital status, annual income, religious beliefs, and even that traffic fine you copped for double parking.

Your credit report says a lot about you. Head to the CreditSmart[1] website for links to your free credit report and tips on keeping your credit report in great shape.

This article is brought to you by ME. For more information, please visit


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