For reference, how do they differ? Getcreditscore/Creditsavvy/Creditsimple seem to be quite similar to past reports i've had from illion, equifax etc in terms of listing applications.
Is there information the bureaus hold on us that they're not sharing back? Or are you more referring to internal analyses of the data (eg, as you say, banks calculating an algorithm off the information we can see).
This is very interesting and helpful, thank you are sharing. I had a very 'closely examined' CC application recently. Based on limits I'd been granted in the past and my other ins and outs, I thought I was well in the clear.
Is there also a prescribed "buffer zone" i.e. if the person has only $375 spare at the end of the month - will they be granted 10k? Or must it only be up to a % of their remaining monthly income after expenses?
may be easier to list what we see
- personal details
- address and employment details you have applied for credit with
- credit score as determined by the agency, with factors that they deem effect the score
- adverse history, defaults, court actions etc
- all credit enquiries
- all active credit facilities including an account identifier (not full number) recent balance and payment history, either closed, not reported, paid on time, paid in a month, 2 month’s and so on
- all associated ABN’s directorships or private company shareholdings
The information is similar to the free reports, the detail is greater.
In terms of buffers, I work more in home and business lending so can’t answer directly the buffer on cards. But home lending buffers will depend on the lender, the LVR and the debt to income (DTI ratio)
The most I’ve seen is $500 a month based on buffered assessment but the majority of lenders want $1