Your credit score is one of the major things a lender considers before deciding if you are worthy for a loan.

Your credit score is based on personal and financial information that’s kept in your credit report. You can access your credit report for free from the many reporting agencies that operate in Australia.

Every time you apply for a loan the lender accesses your credit file and also marks your credit report with that enquiry. The enquiries drop off every 5 years, but all your loan applications can be seen on your report. Your report also includes data about your repayments, if they are late, credit limits on credit cards, directorships, defaults and much more.

Here are three ways to protect your credit report from diminishing and give yourself the best chance to get your loan approved