MY CREDIT REPORT

What's in my credit report?

Your credit report is made up of your credit history and behaviour that credit providers send to Equifax, including:

Personal Information

  • Your age
  • Your employment history
  • Your current and previous addresses
  • Your current credit accounts and credit limits

Consumer Credit Information

  • The number and type of lenders you have applied for credit with
  • The kinds of loans or credit you’ve applied for and the amount of credit requested
  • Monthly repayment history

Publicly available Consumer Information

  • Bankruptcies
  • Any court judgements against you

Commercial Credit Information

  • Commercial credit enquiries
  • Active commercial credit accounts
  • Overdue commercial credit accounts

Perhaps you are looking to apply for credit, or you’ve recently been declined for credit and are looking for credit repair advice. Or you might just be worried about keeping your identity safe. Getting your credit report will give you a full overview of the information creditors can access on you.

To get a copy of your credit report, get in touch with Equifax.

Relevant FAQ’s

How can I improve my credit score?
How can I get alerts to changes in my credit score?
How can I use my credit score to save money?

Can I get my credit report?

You can request your credit report (including a free option) from Equifax (formerly known as Veda), the organisation that creates the credit ratings & scores that we use.

To get a free copy of your Equifax credit report, get in touch with them here.

Perhaps you are looking to apply for credit, or you’ve recently been declined for credit and are looking for credit repair advice. Or you might just be worried about keeping your identity safe. Getting your credit report will give you a full overview of the information creditors can access on you.

Relevant FAQ’s

How can I improve my credit score?
How can I get alerts to changes in my credit score?
How can I use my credit score to save money?

Why do credit enquiries affect my credit worthiness?

The process of a credit application involves a check into your credit history which will appear on your credit report. The lender looks to learn how you've handled your debts, the number of accounts you have open, whether you've paid on time, and the balance you're carrying across your credit products such as a home loan or credit card.

If credit providers enquire about your credit history on the back of multiple applications for credit, it can give the impression that you're taking on too many accounts in a short period of time, a move that could impact your credit worthiness.

Relevant FAQ’s

What is an Access Seeker?
Can I get my credit report?
How is my credit score calculated?

Who can access my credit report?

Any credit provider can access your credit report. That is, a business offering you loans, such as banks, or a business offering you goods and services before you pay, such as telco companies or utility providers. Their access is recorded and can be seen by other credit providers.

You or someone you appoint (such as GetCreditScore) can also access your credit report, but when we do it, this is not visible to anyone but yourself and the credit reporting bureau we use, being Equifax. It’s important to note that accessing your credit score and report through GetCreditScore does not negatively impact your credit score and how lenders may view your credit worthiness.

Relevant FAQ’s

Can I get my credit report?
How can I get alerts to changes in my credit score?
How can I use my credit score to save money?

What is a credit enquiry?

A credit enquiry is when a credit provider such as a bank performs a credit check on you as part of an application for credit. For example, this could be when you apply for a home loan or credit card. It may be added to your credit report and will be listed as a ‘credit enquiry’.

Details of a credit check may include the date, the type of credit you have applied for, such as a mortgage, credit card, personal loan, utility and/or telco accounts as well as the amount you applied for. Your credit report doesn’t show the outcome of your application, only that an application has been made.

Will an enquiry to GetCreditScore impact my credit score?

As GetCreditScore is an Access Seeker requesting for your credit score and credit information from Equifax on your behalf, it doesn’t negatively impact your credit score or credit worthiness.

Why aren’t all my credit accounts appearing on my credit report?

There could be a few different reasons why this might be the case. It can take a while for new credit accounts to appear on your credit report, as credit providers go through different reporting processes to update a credit reporting bureau. Furthermore, credit providers may not submit information to every credit reporting bureau so there may be instances where it is visible on some credit reports and not others.

How long does information stay on my credit report?

Personal identity information (PII) including your name, date of birth, gender, driver’s licence, and address history is held for the life of the report unless updated by information supplied from recent credit activity. For other information it depends on the type of data, but this may be up to:

Two years

  • Repayment history information

Five years

  • Any credit enquiry
  • Overdue accounts listed as a payment default
  • Overdue accounts listed as clearouts
  • Writs and summons
  • Court actions

Seven years

  •  Overdue accounts listed as serious credit infringements


Information about credit accounts that you have such as mortgages and credit cards will appear on your credit report for the length of the loan or credit facility. It will also be held for an additional two years after the account has been closed.

What does bankruptcy mean?

Bankruptcy is a legal process where you’re declared unable to pay your debts.

The listing of a bankruptcy may appear on your credit report for up to seven years based on whichever of the following ends later. It can be listed for:

  • A period of five years from the day you become bankrupt, or
  • A period of two years from the day your bankruptcy ends

A bankruptcy listing can severely impact your credit worthiness when you apply for credit. To reduce the amount of time a bankruptcy appears on your credit report, ensure you meet your commitments as part of being bankrupt so you can be discharged from the bankruptcy as soon as possible.

 

What is repayment history information?

Repayment history is simply a record of your minimum monthly repayments on your loans such as mortgages and/or credit cards that appear on your credit report.

Your repayment history information is recorded on your credit report for a period of two years.

It’s important to know that regularly making your minimum repayments on time is a great way to demonstrate good credit behaviour and improve your credit worthiness.

What is a default?

A non-payment of a debt of $150 or more that has been overdue for at least 60 days can be listed as a ‘default’ on your credit report by a credit provider such as a bank or utility company.

Defaults will remain on your credit report for a period of five years. Once you have paid the default, the status of your default will be updated to ‘paid’.

Defaults are looked upon unfavourably by credit providers, so, it’s a good idea to contact your credit provider early, if you are having trouble meeting your repayments on time.

What is a court action?

A court action is an order by a court that requires you to pay the credit provider with whom you have an outstanding debt with and includes any fees and interest.

A court action on your credit report can severely impact your credit worthiness. This is because it indicates that you haven’t been able to pay off your debt and requires legal action to reach an acceptable agreement. 

A court action remains on your credit report for up to five years.

How can I fix an error on my credit report?

If you find any inaccuracies or incomplete information after obtaining your comprehensive credit report from Equifax via the Equifax website, the best way to correct the information is to speak directly with the credit provider that the error relates to and ask that it be investigated and your credit report amended. A list of common creditor contacts can be found here.

Alternatively you can lodge your correction request using the Equifax Corrections Portal

In what instances can information be removed from my credit report?

Generally, information can be removed from your credit report if it is found to be incorrect, or if circumstances have changed. To do this, you will need to contact the credit provider or the credit reporting body with whom you obtained the credit report from.

Also, depending on the type of information, this will automatically be removed from your credit report after a specified period.

Disclaimer: The information contained in this FAQ is general in nature and does not take into account your personal objectives, financial situation or needs. Therefore, you should consider whether the information is appropriate to your circumstance before acting on it, and where appropriate, seek professional advice from a finance professional such as an adviser.