Hi
A question for the mortgage brokers
If a person has a judgement against them at the residential tribunal and then its lodged with the magistrates court, how does this effect them in the future in trying to get a home loan?
Does this appear on their credit reference/record? Do they need to clear that to get finance?
What is on my credit file?
Information about you and your credit history including:Personal details such as: name: residential address: date of birth: drivers licence number:
Credit applications and enquiries you have made during the past 5 years
Records of some current credit accounts
Overdue Accounts (Defaults) which may have been listed against your name
Bankruptcy information,
Judgments
Public record information such as Directorships and Proprietorships
Judgements are recorded for 5 years.
It may impact your ability to get finance.
Cheers
Stu
You can request a copy of your credit file from Baycorp (for free) …why not check if it is actually on there or not !
My credit record is fine.
I have a past tenant who owes me. I was wondering if that tenant ever decides to get finance whether they will need to repay me before they get finance.
Yack,
It depends if judgement appears on the individuals report. If it is on the report then the lender is interested in status of the judgement, paid, unpaid, settled, etc. Another thing to look for is the timeframe of the lodgement to when the application for finance was made. All of these will determine if the application will be declined due to a poor CRAA.
However, several lenders will work with you to have these removed if the matter has been settled.
Hope this helps,
David Do
[email protected]I suppose the issue i have is this – I am chasing a tenant for monies owed to me. A judgement has been made against the tenant at the residential tribunal and I have lodged the judgment with the magistrates court.
I dont know where the tenants are. One is in Qld and the other still in Victoria.
Both tenants are in their late 20’s early 30’s. One was a physio and I believe that one day he may apply for a bank loan or credit.
I am wondering if I can just sit and wait for one of them to apply for a bank loan and the bank will see a default on their credit record.
Is this true? If so, I can just wait and they should contact me to pay the outstanding sum. If not, do I need to contact a credit agency to make sure the judgement is there or not.
Hi Yack
I know we have discussed most of this but as far as their credit records are concerned, the court actually lodges the judgment details with Baycorp. Check with the actual Mags court where you regsitered your judgment and make sure they have notified Baycorp. That should carry on.
If one of them is a physiotherapist then the state branch of the medical body may have a record of him if you want to locate him.
Judgments do work. We get calls regularly from people who have a judgment we lodged years ago looking for their release.
Time will be your friend (if nothing else works). Even if it is removed from their CRAA after 5 years, the judgment is enforceable (in most states) for 12 years. That’s a bloody long time to hold out.
Let me know by email if you want me to try and locate them ( a phone number is a start)
cheers
markk
Happy Hunting
http://www.kentscollections.comMost (not all) physiotherapists are a member of the Australian Physiotherapy Association (APA).
Go to http://www.physiotherapy.asn.au and click on “Find a Physio” at the top right of the screen.
Try each state and see if his name is listed – you can then follow up through the workplace he is listed under.
This will only work if his details have been updated, but if he is a member of the APA then you have a good chance of finding him.
BTW, my wife’s a physio (Shameless plug http://www.physiowise.com.au), that’s how I know these sorts of things [biggrin]
Clint
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