Your credit report (also referred to as a credit file) is a detailed record of your credit history. The information in your credit report is used by lenders and other service providers to determine your ability to pay back a loan, as well as the risk of lending you money.
In Australia, credit reports are prepared by three reporting bodies: Equifax, Illion and Experian.
| What's on your credit file | Details | Duration |
|---|---|---|
| Outstanding debts (Defaults) | A debt that is 60 days or more overdue | 5 years |
| Credit applications (Enquiries) | A record from a Credit Provider (ie, lender) indicating that you have applied for credit | 5 years |
| Default Judgements | A decision by a Court that you owe a debtor money | 5 years |
| Debt Agreements | An agreement with your creditors to pay back a portion of the debt you owe them | 5 years |
| Repayment history information | Information about whether you have met your loan repayment on time, or if you were late in making that month’s payment | 2 years |
| Personal information | Personal information such as your name, date of birth, gender, address, place of employment and driver licence details. | Forever |
Your credit score is a number that is calculated using the information on your credit report. This number represents your ‘creditworthiness’, or how likely you are to repay a loan based on your previous borrowing and repayment history.
Generally, the higher your credit score, the more financially trustworthy you are. This means you are more likely to be approved for a loan. In Australia, credit scores usually range from 0 – 1200. Some credit reporting bodies only use scores up to 1000.
Negative listings, like a default, are extremely unlikely to happen to you within the next 12 months. In fact, they’re 5 times less unlikely to happen, when compared to the average Australian. You are in the top percentile range (81-100%).
Unfavourable events are unlikely to be recorded onto your credit file within the next 12 months. Your score places you in the second-highest percentile range (61-80%)
Adverse events are less likely to be recorded for the next 12 months. You fall in the mid-range (41-60%) of the credit- active population.
This score suggests that it’s likely that you will incur a negative listing in the next 12 months. Your score places you in the bottom 21-40% of the credit-active population.
It’s more likely an adverse event will be recorded on your file in the next 12 months. You are in the bottom 20% of Equifax’s credit-active population.
You are entitled to a free copy of your credit report:
Credit reporting bodies must provide you with your credit report within 10 days of your request, but you can get your report immediately for an added cost. To request a copy of your credit report, contact any one of these credit reporting bodies:
Free credit reports generally do not include credit scores, as these are provided separately. To get a free copy of your credit score, you can request it from one of the following websites:
| Credit Score Company | Website | Where do they source their information? |
|---|---|---|
| Credit Savvy | creditsavvy.com.au | Experian |
| Credit Simple | creditsimple.com.au | Dun and Bradstreet |
| Finder | finder.com.au/credit-score/login | Experian |
| Get Credit Score | getcreditscore.com.au | Equifax |
It’s important to remember that your credit score will vary depending on where it is sourced, as some bodies use different sources of information. We recommend you check with more than one credit scoring company.