Lexi Webster
Credit scores are important in Australia as they are used by credit providers to decide whether to lend money to an individual. Credit scores are calculated based on an individual's current situation and past behaviour, including credit limits, repayment history, overdue debts, and the types of loans or credit they have applied for. Identity theft is one of the fastest-growing crimes in Australia, and it is important for individuals to monitor their credit health to ensure their identity has not been stolen. In Australia, there are three Credit Reporting Bodies (CRBs) that provide free credit reports: Equifax, Experian, and Illion. Individuals are entitled to one free credit report from each CRB every three months, which can be obtained online, by phone, or by mail.
| Characteristics | Values |
|---|---|
| Number of Credit Reporting Bodies in Australia | 3 |
| Names of Credit Reporting Bodies | Equifax, Experian, Illion |
| Frequency of free credit report | Once every 3 months |
| Other conditions for a free credit report | If credit application was declined (request to be made within 90 days of application being declined) or if a correction request has been lodged and a correction has been made |
| Information included in credit report | Credit account information, credit enquiries, bankruptcies and judgements, repayment history, consumer default, personal identifying information, credit score, credit rating |
| Time taken to access credit report | Online: a few minutes to a couple of days. Email or mail: up to 10 days |
| Identity theft protection | Equifax Identity Protect, Identity Guard Insurance Policy |
| Cost of credit report if ineligible for free report | $6.95 |
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What You'll Learn
Credit reporting bodies in Australia
There are three main credit reporting bodies in Australia: Equifax, illion, and Experian. These organisations handle personal information to provide another entity with data about an individual's creditworthiness.
Your credit report from these agencies includes personal identifying information, such as your name, address, driver's licence number, and date of birth. It also includes credit account information, listing the types of credit accounts you have, the dates you opened them, your credit limits or loan amounts, and your payment history. Credit enquiries are also listed, showing the requests lenders have made for your credit reports within the last five years. Additionally, bankruptcies and judgements are included, with credit reporting bodies collecting bankruptcy information from courts.
It is important to note that credit providers in Australia are not legally obligated to share the same credit information with all the credit reporting bodies. This means that the information held by one credit reporting body may differ from another. Therefore, it is recommended to check your credit report from each of these agencies regularly and fix any discrepancies or outdated information by contacting the respective agency.
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How to request a free credit report
In Australia, there are three Credit Reporting Bodies: Equifax, Experian, and Illion. You can request a free copy of your credit report from each of them once every three months. You can also request a free copy if your credit application was declined in the last 90 days or if you have had an item corrected on your credit report.
You can request your credit report online, by phone, or by mail. To request your Equifax credit report, you can call 13 8332 or mail your request to GPO Box 964, North Sydney, NSW 2059. You can also request your credit report online via the Equifax website. Similarly, you can request your Experian credit report online, or by mailing your request to the same address as Equifax.
Your credit report will include personal identifying information, such as your name, address, date of birth, and driver's license number. It will also include credit account information, such as the type of credit account, the date you opened the account, your credit limit or loan amount, and your payment history. Credit enquiries and bankruptcies will also be listed on your credit report.
It is important to check your credit report regularly to ensure that the information is accurate. If you find any errors or outdated information, you can contact the credit reporting agency and ask them to fix it for free.
In addition to requesting a free credit report from the three Credit Reporting Bodies, you can also use online credit score providers to access your credit score for free. Websites such as GetCreditScore offer free memberships, allowing you to monitor your credit health and access relevant financial information and offers. However, you may need to agree to their privacy policy and allow them to use your personal information for marketing purposes. You can opt out of marketing after signing up.
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Credit scores and credit reports
In Australia, there are three Credit Reporting Bodies: Equifax, Experian, and Illion. You can obtain a copy of your free credit report from them. You are eligible to receive a free credit report from each of these agencies once every three months. You can order your credit report online, or request it by phone or mail.
Your credit report includes personal details to identify you, such as your name, gender, date of birth, driver's license number, employer, and current and previous addresses. It also includes credit account information, such as the type of credit account, the date you opened the account, your credit limit or loan amount, and your payment history. Your credit report may also include your credit score, which will be in a band such as low, fair, good, very good, or excellent.
If there is incorrect information in your credit report, you can contact the credit reporting agency and ask them to fix it for free. Some companies may try to charge you to remove negative information from your credit report, but the only thing they can ask the credit reporting agency to remove is incorrect information, and you can do that yourself for free.
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Identity theft and credit history
Identity theft is one of the fastest-growing crimes in Australia, impacting many Australians and costing them time, money, and their financial health. It involves someone using another individual's personal information without consent, often to obtain a benefit. For example, identity thieves can open a bank account, get a credit card, apply for a passport, or conduct illegal activities in your name. They can also sell your shares without your knowledge.
Identity theft can significantly impact your financial and personal life. Once an identity thief has your details, they can apply for credit cards, loans, and bank accounts in your name. They may then keep the money they borrowed and leave you to foot the bill. The recovery of your credit rating can take a long time, and you may need additional guidance to repair your credit score rating. Bad credit history may stick with you, and many lenders may only see the default against your credit score and not approve you.
To avoid identity theft, you can take some simple steps. Ensure you have strong passwords that are long and contain a mix of numbers, symbols, capital letters, and lowercase letters. Be vigilant about monitoring your credit history and bank account regularly for any suspicious activity. Shred letters from your bank, super fund, and employer before throwing them out, as they may contain personal details that scammers can use. Be aware of what you post on social media, especially if your profile is public. Scammers can find out where you live, work, and visit through your posts.
If you suspect your identity has been stolen, lodge a report with the Australian Signals Directorate's Australian Cyber Security Centre at ReportCyber and contact the police. Let your financial institution know as soon as possible, and make a report to the National Anti-Scam Centre at Scamwatch if it was part of a scam. Change your passwords to something new and secure, and check to see if anything seems out of place. You can also contact IDCARE, Australia's national identity and cyber support service, to get expert advice from a specialist identity and cyber security counsellor.
You can access your credit score and credit report for free once every three months from each of the three main credit reporting bodies in Australia: Equifax, Experian, and Illion. Your credit report includes personal identifying information, credit account information, credit enquiries, and bankruptcies and judgments. It is important to check your credit report regularly and look for any problems.
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Credit repair and financial hardship
Credit repair services are available in Australia, but they can be costly and may not improve your credit score. These services typically involve working with a company to correct errors on your report and improve your financial habits. However, you can dispute errors on your credit report yourself for free by contacting the credit reporting agency and asking them to fix it. You can also contact the Australian Financial Complaints Authority (AFCA) for free dispute resolution assistance if needed.
If you're considering a credit repair service, be wary of any company that promises to wipe your credit history clean, as only errors can be removed or fixed, not legitimate negative marks. Additionally, you should always read the fine print and understand the fees and terms and conditions before engaging any company.
If you're experiencing financial hardship, it's important to take action as soon as possible. You can start by contacting your lender to discuss your options, as they may be able to offer a financial hardship arrangement, such as deferring a payment or varying a loan. There are also free financial counselling services available that can help you create a debt repayment plan and provide support in improving your financial habits.
To protect your credit score during financial hardship, it's crucial to continue making payments on time, even if it's just the minimum amount. Additionally, try to avoid applying for new credit products unless it's an emergency, as you want to demonstrate responsible credit management to lenders.
Remember, improving your credit score takes time and consistent financial discipline. While it may be tempting to seek quick fixes, focusing on developing healthy financial habits will have a more lasting impact on your creditworthiness.
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Frequently asked questions
You can check your credit score for free from an online credit score provider. You can also access your credit score and credit report for free from credit reporting agencies such as Equifax, Experian, and Illion.
You can get a free copy of your credit report once every three months.
You need to be 18 years or older to order a copy of your credit report. You will need to provide personal identifying information such as your name, address, date of birth, and driver's license number.
A credit report includes credit account information, credit enquiries, and bankruptcies and judgments. It also includes your repayment history and consumer defaults.
If there is incorrect or outdated information on your credit report, you can contact the credit reporting agency and ask them to fix it for free.
