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1.6. Why you should review your credit history

Recent reports have shown around 80% of us have never requested a copy of our credit report. This suggests we don’t see the point or don’t understand the value of looking at our credit history.

But there are actually many reasons it’s important to review your credit history at least once every 12-24 months, including:

  • To see what details credit providers may be using when assessing your credit applications,
  • To make sure there are no mistakes on the credit report,
  • To make sure previous accounts you have had are not still listed as active; and
  • To detect and prevent identity theft.
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1.6. Why you should review your credit history

Example Let’s say you spent a few years living in a share house where you split the bills. If your name was on the accounts alongside others and you left without closing them or taking yourself off the account, details of the account and any debts would continue to be recorded on your credit report.

If you never review your credit history, you might never realise these accounts are still active and could be affecting your applications for loans and other products.