Credit Check In New Zealand

Credit Check New Zealand

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Learn More about Credit Checks In New Zealand

Your credit score determines the amount you borrow from the lenders. We will show you how to check your credit for Free in New Zealand. Our team have put together all the information and tips on how to check your credit score for free

WHAT IS MEANT BY A CREDIT CHECK?

A credit check, also known as a credit inquiry, is an action performed by the lenders to determine the financial history. It can also be termed as the credit history check because, through it, they access information regarding your previous credits, the habit of payments, and the types of loans you requested in the past to know your level of risk as a debtor.

You will realize that when you are borrowing a loan, the lender will conduct a credit history check. They will be checking your credit reports preserved by the three main credit bureaus. From your credit reports, they will determine whether to give you a loan and the amount of loan they will offer.

WHICH ARE THE FACTORS THAT DETERMINE MY CREDIT SCORE?

Do you know that you may have been banking in a lending institution for the same duration with another individual, but your credit scores can differ? Why such a scenario? Are the lending institutions biased? The following are the factors that affect your credit score:

PAYMENT HISTORY

Payment History: How have you been paying your previous debts? Your payment history is the main ingredient when it comes to credit rating checks. The credit rating check companies usually do your credit history check to determine how you have been paying your previous debts. If you have been paying your debts on time, there is a high probability of paying the credit you seek in time and vice versa.

Utilization of Credit :

You will realize that the lender will ask how you would like to utilize the funds whenever you are borrowing a loan. The project you are going to finance must be viable so that it can bring profits for you to pay off your loan. Thus, credit utilization is the second factor affecting your credit rating check.

Credit History Duration:

The credit rating check companies in New Zealand will check the duration it took to pay off your previous debts while doing your credit history check. This is done by averaging your oldest debt period and the previous one; the longer the credit history duration, the higher your credit score and vice versa.

Credit mix
Credit mix: the credit rating check companies will also determine the purpose of the previous debts while doing your credit history check. If you have been borrowing to finance different products, it is a clear indication that you can manage other credit products, thus the higher your credit score.
New Credit:
The lenders will check how many credit accounts you have opened recently to determine your credit score. If you have previously opened so many credit accounts, the higher the risk of adding more debts, the low the credit score, and vice versa

WHAT IS THE COST OF GETTING A CREDIT CHECK IN NEW ZEALAND?

Nothing! You can do your credit check for free online; it is free and comfortable and immediate. You can also visit the three principal New Zealand Credit agencies Centrix, Equifax, and Illion, and you still don’t have to pay anything. The difference between conducting your credit check online and visiting any of the three central New Zealand credit agencies is that you have to wait for a few days for it to arrive with the agencies.

HOW TO CHECK YOUR CREDIT SCORE FREELY IN NEW ZEALAND?

There are a few ways to check your credit for free in New Zealand. You can request a free credit report from one of the major credit reporting agencies, such as Equifax or Experian. You can also check your credit score for free with a variety of online tools. Finally, you can contact your bank or credit card company to request a free credit report.

WHERE CAN I CHECK MY CREDIT SCORE IN NEW ZEALAND?

There are several companies mainly established to offer credit check services in New Zealand. The requirements vary from one company to another. The following are the prominent free credit check companies in New Zealand.

Centrix : 

Centrix Credit Check Company was established in New Zealand in the year 2009. It assists kiwi businesses of all sizes to evaluate risks efficiently. Centrix Credit Check Company offers a range of services and products to its customers. It provides credit check services fast, efficiently, and at a very cheap cost. It helps both small and large businesses to protect themselves from bad debts. Centrix Credit Check Company is different from the international credit check companies in that its 100% focus is on New Zealand.

Illion :

Illion credit Check Company has immediate access to both New Zealand’s and Australia’s big business databases. It offers efficient credit reporting services and several reports for high, medium, and low business risk decisions. It is approved by the ASIC to conduct a credit-reporting business.

Equifax :

Equifax Credit Check, formerly known as the Veda credit check, is a New Zealand credit check company. Equifax credit check Company offers credit check services for both large and small businesses in New Zealand. It is free to do a credit check with Equifax, but you will have to wait for a few days. In case you need the credit report instantly, you will have to pay a small convenience fee.

WHAT ARE THE THINGS I NEED TO DO A CREDIT CHECK IN NEW ZEALAND?

If you would like to check the credit score in New Zealand, you do not have to pay anything, but you will have to provide your details. Your details will help the lenders or the credit check agencies to check through and get your credit history. The credit check requirements may vary from one company to another but below are the primary and mandatory requirements across all the agencies;

  • Your Full Legal Name.
  • Last two years’ address.
  • IRD Number.
  • Date of Birth.
  • Current Employer.
  • Loan statements of your previous loans
  • Banking details.

Tips On How to Check Your credit Score in New Zealand

If you are interested in checking your credit score in New Zealand, there are a few things you can do to get started.

  • First, you can check your credit report from any of the three major credit reporting agencies in New Zealand. These are Experian, Equifax, and TransUnion.
  • Second, you can check your credit score online. There are many websites that will allow you to check your credit score for free. However, it is important to note that these websites may not provide you with the most accurate information.
  • Third, you can check your credit score by mail. You will need to provide the credit reporting agency with your name, address, social security number, and other identifying information. The credit reporting agency will then mail you a copy of your credit report.
  • Fourth, you can check your credit score by phone. You will need to provide the credit reporting agency with your name, address, social security number, and other identifying information. The credit reporting agency will then call you to verify

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