Did you know your spending habits are being tracked?

Did your know your spending habits are being tracked
If you have ever applied for a credit card, used store credit or owned a mobile plan, your financial comings and goings are being tracked and monitored.

Lenders share your information with credit reporting bodies each time you apply for credit or default on loan. Utility providers and telcos also share your information if you miss a bill or fail to a make repayments on time.

With a new comprehensive credit reporting system coming into effect in Australia, even more information about your spending and payments will be tracked - including how good you are with your money.

Details from your credit cards and even the bills or loan repayments you make are likely to end up on your credit report.

Belinda Diprose from Veda, Australia's leading credit reporting body, stresses the importance of keeping up with your credit history.

“It’s really about making sure people aren’t over extending themselves and lenders have the best possible picture when it comes to making a credit decision,” she said.

“A good credit history makes you more attractive to credit providers … It’s a really important piece of that lending decision, helping you access the credit you want.”

What you may not know is that this information is now available to you, in a way it's never been before.  

Your credit report is summarised into a number called a credit score, which is often used by banks to determine your 'credit-worthiness'. Your credit score is one of the key inputs that many lenders use when deciding whether to lend you money, the amount of interest you pay, and the amount you can borrow.

If you haven’t seen your score before, there's a free online service called GetCreditScore where you can access your score in minutes. Take a quick look and get to know your score.