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Equifax, previously known as Veda, operates as the leading credit bureau in Australia. A credit bureau is a company that collects and maintains people’s credit information and provides it to lenders, creditors, and consumers in the form of a credit report.
Credit bureaus like Equifax exist to report on the credit worthiness of an individual which is valuable to credit providers such as Banks, utility providers and other lenders. Equifax does not approve or deny credit - the decision to grant credit is at the discretion of the credit provider.
As the leading credit bureau in Australia, Equifax have been the trusted custodian of Australians' credit histories since 1967.
Globally, Equifax has grown from a consumer credit company into a leading provider of insights and knowledge that helps its customers make informed decisions. The company organizes, assimilates and analyses data on more than 820 million consumers and more than 91 million businesses worldwide, and its database includes employee data contributed from more than 7,100 employers.
A Credit Provider is a business that offers loans or goods and services before payment. Obvious examples are banks, and credit unions, but phone and internet companies, electricity and gas companies, and stores offering finance are also credit providers.
Not all credit scores are the same. Every credit score relies on different data, and lenders don’t all use the same score. Credit bureaus can receive different information from lenders in Australia resulting in some bureaus calculating & providing a different score based on more or less reported data than other bureaus.
An adverse event is failing to pay a loan, bankruptcy, personal insolvency, or any court judgements or writs against you.
Yes, it’s how we keep this service free. From time to time, we may use your information in marketing for Equifax and our partners, but no other third parties without your consent. You can opt-out from our or our partner marketing at any time by contacting us and/or our partners.
Use the “unsubscribe” link in any email you receive to opt-out of direct marketing. Otherwise you can contact us or any of our partners directly.
If you opt-out of marketing, we may still contact you via email for administrative purposes, credit score or GetCreditScore updates or upon your request.
GetCreditScore is known as an ‘Access Seeker’, which is an organisation acting on your behalf to retrieve your credit information to help you deal with credit providers. We use a ‘Soft Touch’ when accessing your credit score which means unlike a credit provider, when we get your score on your behalf, we don’t negatively impact your credit score.
Having multiple credit providers requesting your credit information over a short period of time may result in the reduction of your credit score. GetCreditScore simply requests information, and Access Seeker requests like ours are only visible to yourself and other Access Seekers.
Repayment history information is whether the minimum repayment on a credit account (like a credit card, personal loan or mortgage) has been made on time (or within a 14 day grace period) and if not, how late the payment was made, for a particular month.
Only licensed credit providers can share and receive repayment history information (this doesn’t include telco and utility companies).
Repayment history information is recorded monthly, and can be held on your credit report for 2 years.
If you pay the due amounts of your credit card or loan repayments more than 14 days past the due date, this can be recorded on your credit report as part of your repayment history information as a ‘late payment’.
It is unlikely one late payment (depending upon how late the payment was) followed by making your repayments on time, will significantly impact your credit worthiness, however, a number of late payments could be an indication you are in financial stress and may negatively impact your credit score. This repayment history information is recorded on your credit file for a period of 2 years.
To try and prevent this, pay bills on time, set up direct debits to pay your minimum credit card balance and schedule loan repayments for your pay day. Talk to your credit provider straight away if you are having trouble meeting your repayments – they may have procedures in place to help borrowers experiencing financial hardship.