Your credit rating is just like your health. You can get regular check- ups and maintain it, or you can [...]
What is my credit rating? Your credit rating is a file on your credit history and is collated by the major credit reporting agencies if you have ever been credit-active. Your credit rating is then checked by any financial institution or credit provider and is used to assess both the amount you are able to borrow and your ability to repay the loan.
Generation Y is responsible for more than one third of Australia's total consumer credit defaults, despite making up 20% of the entire credit active population. Gen Y also has more personal loan and telecommunication defaults than any other generation, relative to population size. (Statistics from Veda Advantage)