Your credit report
Ever applied for a loan, a credit card or a telephone account? If you have, a credit reporting agency probably holds a credit report on you.
When you apply for a loan the credit provider can take your credit history into account when deciding whether to give you a loan.
What's on your credit report?
Your credit report contains information about you and your credit history, including:
- personal details - name, date of birth, current and past addresses, employment and driver's licence number
- credit applications - credit provider, amount of credit and type of credit (for example interest free loan, home loan, credit card)
- credit defaults - overdue payments of 60 days or more when you have been sent a letter notifying you of the default
- credit defaults that have been paid
- serious credit infringements or 'clearout' listings - this is when the credit provider has unsuccessfully tried to contact you in writing and has reported you as a missing debtor.
- information on the public record - for example judgment debts or bankruptcy orders
Your file cannot include information identifying your political, social or religious beliefs or affiliations; criminal record; medical record; ethnicity; or sexual preferences.
How to clean up your credit report
1. Get a copy of your credit report
2. Check it
3. Get it fixed
1. Get a copy of your credit report
You can get a copy of your credit report from these credit reporting agencies: Veda Advantage (previously known as Baycorp Advantage), Dun and Bradstreet, and Tasmanian Collection Service.
ASIC cannot provide you with a copy of your credit report, but you can contact our Infoline for more help about how to get a copy.
A credit reporting agency must take all reasonable steps to ensure you can access your report. You should be able to get a copy of your credit report for free by applying in writing to the credit reporting agency.
Veda Advantage or Dun and Bradstreet may take up to 10 days to send your report from the day they receive your application, or sooner if you pay a fee. Tasmanian Collection Service will provide you with a free copy of your report if your application relates to a refusal of credit or the management of your credit arrangements. Otherwise they charge a small fee.
Watch out for credit reporting scams
- Don’t search for credit reporting agencies over the internet, you may end up finding fake sites offering 'free credit reports' that are really out to scam you. If you are contacting a credit reporting agency online, use your 'favourites' or type its URL in the address bar of your web browser.
- If a business offers you a free credit report, they shouldn't need your credit card details. Don’t provide these unless you understand why the agency is asking for them.
- Never follow an email link offering a free credit report, or respond to an unsolicited email offering you a free credit report – delete it. This is likely to be a scam, trying to trick you into giving out your personal information.
 More information on email scams and 'phishing attacks'. |
| 2. Check your credit report | 3. Get it fixed |
| Check your personal details |
Are your names and addresses spelt correctly?
Misspelt names and addresses might mean you have multiple listings for one loan application or have someone else's defaults listed on your report. | Ask the credit reporting agency to fix any mistakes. |
Has someone stolen your identity to apply for credit?
If you believe someone else is using your identity to get credit you may be the victim of identity theft. Identity theft or fraud is a crime. | Report it to the police, the credit providers and the credit reporting agency. |
| Check the accuracy and age of any listed credit defaults |
Were the defaults more than 60 days old when listed and did you receive a letter about the default before it was listed?
How old is the listing? It can't be listed for more than five years.
Are they listed as paid or unpaid? | Inform the credit provider and the credit reporting agency of any mistakes and ask them to amend your credit report.
Repay any outstanding credit defaults if you can
When you pay, ask the credit provider and credit reporting agency to amend your credit report. The default credit will still be listed but will no longer be outstanding. |
| Check the accuracy and age of any serious credit infringements, listed court judgments or bankruptcy orders |
Is something listed as a serious credit infringement when you were contactable and weren't trying to avoid the debt? This shouldn't be listed as a serious credit infringement.
How old is the credit infringement listing? It can't be listed for more than seven years. | Contact a consumer credit legal centre if there is a mistake.
Inform the credit provider and the credit reporting agency of any mistakes and ask them to amend your credit report. |
Unable to fix inaccuracies?
If you are unable to fix any inaccuracies on your credit report you can also take your complaint to:
Your credit future
Your credit report is just one factor a credit provider may take into account when assessing your application for a loan. Other factors may include your employment, your income, your savings and any existing liabilities.
If your loan application is rejected ask the credit provider to explain exactly why. You cannot rewrite your credit history but you can try to create a brighter credit future if you use credit wisely and regularly check your credit report.
Your privacy, credit providers and credit reporting agencies
Common credit providers are banks, building societies and credit unions. However credit providers also include:
- businesses that issue store credit cards, eg department stores.
- businesses that provide a good or service and allow payment to be deferred, for example, telephone, gas and electricity companies, video hire shops, furniture stores and car hire businesses.
- Credit reporting agencies store your credit report. These agencies can only show your credit report to credit providers and only for specified purposes including assessing your application or collecting overdue payments.
The Office of the Federal Privacy Commissioner regulates credit reporting and deals with credit reporting disputes. The Privacy Act protects consumers on credit reporting issues including:
- your right to access and correct information on your credit report; and
- the handling of credit reports by credit providers and credit reporting agencies.
Where to go for more information
More about managing your money
FIDO Website: Printed 07/31/2010
