Are you part of the 1%?

Here at Credit Simple, we encourage you to check your credit score and keep tabs on your credit history. It doesn’t happen often, but if there’s a mistake on your file, you need to know about it and get it fixed.

We’re happy to report that since we launched in September last year, almost 3,000 Kiwis have queried errors on their credit file. New Zealanders are making the most of free and instant access to their credit scores and credit files, with more consumers checking that the personal financial details banks, credit providers and reporting bureaus keep on them is correct.

If you have a mistake on your file, such as a bill marked as unpaid when it’s in fact paid up, or bad debts in your name that aren’t yours, you risk being turned down for credit.

The figures mean just over one per cent of the 300,000 Kiwis registered with Credit Simple have queried something on their credit file.

CreditSimple.co.nz spokesperson Hazel Phillips says that might not seem hugely significant at first glance, but for those people, an error on their credit file could be the thing that stops them from getting a mortgage or opening a new electricity or phone account.

“A quick check of your credit score and file before you apply for a loan or new utility contract can save you a world of pain down the track. The last thing you want is to hear about a black mark on your credit file when you’re sitting down with the bank manager,” Ms Phillips says.

“Check your score before you need credit and if you see a mistake, tell us and we’ll help you get it fixed.”

Common errors on credit files include bad debts or unpaid bills from another person, sometimes with a similar name, being wrongly attributed to you, as well as bills or debts that have been paid, but are incorrectly listed as unpaid.