Ever heard lenders say “your credit history is history” and wondered what they mean? Walshy discusses how your credit history is never truly history, but whether your credit history is bad or good it is still an asset and can save you money. Watch on to find out!


Hi, Paul from Fair Go Finance here and welcome to another Whiteboard Wednesday.So today we’re going to look at the slogan we’ve seen in the marketplace about “your credit history is history” and what does that mean?


Will my credit history be fixed?

Well the first thing it doesn’t mean is that any issues or problems on your credit history are going to go away.  They’re on your credit file, they’ll be there for up to five or even seven years in the case of bankruptcy, but no one can make that disappear instantly.

What it does mean is that when you’re applying for a loan with a lender who promotes this slogan is that typically they’re not going to look at your credit profile or credit history when making an assessment about an application for a loan or a lease.

Now what that does though, it reduces the amount of information that a lender has when making a determination or assessment about your application.  Typically it’s going to make a lender act conservatively which means they’re going to pass that on in the form of higher costs to you as a borrower.


Your credit history is an asset; whether bad or good

By being able to look at your credit history, it gives a lender more information to assess your application and gives them a greater insight; because there’s a big difference between people who’ve got a tarnished credit history or a slight blemish there from an unpaid utility bill from four years ago, to someone who’s a serial offender and habitually doesn’t repay loans and/or leases.

So we’d encourage you to look around and be wary of lenders or credit providers when you see them displaying this sign.  Your credit history is important, a valuable asset, and is something you should protect and leverage to help you get a fair price on a loan.

Hopefully you found this useful, for further information like this follow us on Twitter or subscribe to our Youtube channel.

Thanks very much.

Paul Walshe credit history is never history




Related Articles

How do I check my credit score?

With Comprehensive Credit Reporting (CCR) being introduced in Australia, knowing how to check your credit score and what can impact it, is more important than ever before.  If you’ve ever

Read More

How to keep the kids entertained these holidays

Whether you’re looking for some ideas to keep the kids entertained these school holidays or just after some cheap and cheerful weekend activities, we’re here to help. We’ve put together

Read More

Car loan lingo explained

So, you’ve found your dream ride and now you’re looking at financing. Unfortunately, trying to understand some of the car loan jargon can baffle the best of us. Below we’ve

Read More

Are you eligible to apply?


It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.

Check your options before you borrow:
For more information about other options for managing bills and debts, ring 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor.

Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan.
If you are on government benefits, ask if you can receive an advance from Centrelink.

The Australian Government’s MoneySmart Website shows you how small amount loans work and suggests other options that may help you.

* This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.