Individuals thinking of applying for a loan should check their credit report regularly.
People should ensure they are checking their
Aussie credit reports once a year to improve their chances of being approved for a home loan.
This is according to Credit reporting agency Dun & Bradstreet after research showed that 80 per cent of Australians do not know what the document says about them, News Limited Newspapers reports.
Chief executive of the organisation Christine Christian said regularly checking it is advisable, especially as it is free to do so.
She added: "Consumers should place themselves in a position to understand exactly what a lender will see and this means the first step to applying for credit should be ordering a copy of your credit report."
The National Australia Bank is one organisation that considers a person's credit report before approving a loan.
The organisation - which offers
NAB savings accounts - noted the document is an important tool when approving lending.
A study by Veda Advantage in April noted that there was a drop the number of
credit card and personal loan applications from January to March 2010.
By Joe Letts
