Credit Report Frequently Asked Questions…

Please find below some of our most commonly asked questions regarding our service and your credit report. For any further information, please don’t hesitate to contact us and we’ll be happy to help.

Your credit score is calculated using a formula from the information in your credit file. Information calculated:

  • Residential status & length,
  • Employment status & length,
  • Number of credit enquiries on your file,
  • Payday or short term lender credit enquiries,
  • Adverse credit,
  • Default history,
  • Court judgements and summons,
  • Bankruptcy,
  • Age of your credit file.

You can get your credit report online for free, just complete the Free Credit Report form.

Yes, we use SSL encryption as it provides a secure connection between internet browsers and websites, allowing you to transmit data privately whilst you are online. We do not share your information with 3rd parties without your consent and we retrieve your credit report from leading Credit Reporting Body, Equifax, as your appointed Access Seeker.

Your credit score can change for the better if you’re stable in your residential address and employment. Credit defaults usually fall off your credit file after 5 years. It’s smart to be aware of how the little things can affect your credit rating, like making multiple applications and increasing the credit enquiries on your file.

Your credit score could be negatively affected if you change residential addresses often, have had lots of short-term employers or if you apply for credit frequently.

Court writs, defaults and judgements all have a negative impact on your credit score.

Anyone over the age of 18 that has applied for credit will have a credit score and a credit file.

This may happen when you:

  • Get married, as applications could’ve been submitted from your partners surname or your previous surname.
  • Haven’t applied for credit in a long time then your file may become inactive.
  • Haven’t updated your personal information if it’s changed (previous name or address)
  • Have moved interstate and have a new driver’s licence number.

Your credit file and credit score is based on your credit history and stability. Unfortunately it does not have information on your income and expenses or your assets, but a lender may take some of this information into consideration when assessing your application for credit.

A low credit score can be improved by paying on time and meeting your commitments. Avoid defaults or judgements that can be listed on your credit file. Stability in your residential address and employment are also key factors. If you have a bad credit score, then it’s best to speak to a financial advisor on how you could get your score back on track.

The simple answer is no, the information stored on your credit file can only be changed or removed if it is incorrect. If you have incorrect information on your file you can have the changes made without having to pay, you just need to contact the credit provider or credit agency.

Equifax, Experian or Dun and Bradstreet will remove or change the information at no cost if it is incorrect. Beware of credit repair companies that promise to improve your credit score by removing entries from your credit file for a fee.

Each credit reporting body (Equifax, Experian and Dun and Bradstreet) maintain their own set of information. You may have a separate credit file with each credit reporting body and the credit score maybe different. This is because of the information sources they each use and the information from credit companies and credit providers may not be sent to every credit reporting body.

Checking your own credit file is known as a “soft enquiry” and will not affect your credit score.

Defaults stay on your credit file for five years and even though you have paid it, it will still lower your credit score. Your credit file should have the default status upgraded to paid to show it was paid in full. If you reached a settlement for a reduced amount and the status will show settled.

If you have applied for a loan and it was not approved you are entitled to ask why. You can contact the credit provider, finance company or bank. In most cases they will not tell you anything other than you do not meet their lending criteria. We understand that this can be very frustrating. You may have been declined for any or a combination of the following reasons:

  • Your application was missing information or evidence (documents) to prove your financial situation.
  • You did not have the ability to repay your new loan easily and the lender determined that you did not meet responsible lending requirements
  • Your credit score did not meet the requirements for the credit for which you applied
  • You’re under 18 years. To enter in a credit contract you must be over 18.
  • Your credit file contains defaults, writs and summons and did not meet the credit standards required by the lender.
  • Too many enquiries over a short time period.
  • Payday lender inquiries in the last 12 months