Getting it
The OAIC’s access page lists the credit reporting bodies and how to request a report from each. It notes they may hold different information, so a copy may be needed from each one. Outside the free requests, a credit reporting body may charge a fee, but the OAIC says it must not be excessive. Moneysmart suggests getting a copy at least once a year.
A credit score is worked out from what is in the report. Moneysmart says scores run from zero to either 1,000 or 1,200, depending on the agency, and warns against any credit score provider that asks you to pay or to give credit card details.
What is on it
- Personal informationName, gender, date of birth, driver’s licence number, employer, current and previous addresses.
- Credit ratingThe band the score sits in, such as low, fair, good, very good or excellent. Not every agency includes the score itself.
- Credit productsEach product held in the last two years: type, provider, limit, opening and closing dates, any joint applicant.
- Repayment historyFor the last two years: amounts, due dates, and missed payments, meaning ones not made within 14 days of the due date.
- Financial hardship informationOnly the months a hardship arrangement is in place, with no other details; deleted after 12 months.
- DefaultsUnpaid debts of $150 or more, 60 days or more past due, reported after notice. Listed for five years, or seven where the provider cannot contact you.
- Credit applicationsHow many applications, the total borrowed, any loans you have guaranteed.
- Bankruptcy and debt agreementsBankruptcies, debt agreements, court judgments and personal insolvency agreements.
- Credit report requestsRequests for your report made by credit providers.
Moneysmart notes that a paid-off default stays listed, with the payment shown beside it, and that a hardship arrangement does not affect a credit score. Applications are recorded too, which is worth knowing when comparing consolidation loans: Moneysmart says applications for cards and loans stay on a report for five years, that buy now pay later applications also trigger a credit check, and that too many applications in a short time can lower a score.
What can be fixed, and what stays
Errors you can have corrected
- Name, date of birth or address needing an update.
- A debt listed twice, or the wrong amount.
- An overdue payment listed wrongly.
- No notice given about an unpaid debt, or a default listed while the debt was in dispute.
- A payment plan or contract change the lender agreed to, not shown.
- An account opened by mistake or through identity theft.
Correct information that stays
- Two years of payments on cards, loans and bills, on time or not.
- Overdue payments of $150 or more, 60 days or more late: five years, even once paid.
- Applications for home loans, personal loans, business loans, credit cards and store cards: five years.
Moneysmart is direct about the second list: information that is correct cannot be changed or removed, even when it is negative.
How a correction runs
- First
Check the report
The OAIC’s first step is a free copy of the report, to see exactly what it says.
- The request
Ask the provider or the bureau
The OAIC suggests starting with the credit provider, which, depending on the information, it calls the most efficient way, though any credit reporting body can be asked too. There is “no wrong door”: if the one asked cannot help, it must consult the others to complete the request.
- Within 30 days
The correction
If satisfied the information is wrong, they must take reasonable steps to correct it within 30 days, or longer if you agree, and send a written notice of the correction. If not satisfied, they must write with their reasons and tell you about external dispute resolution or making a complaint.
- Afterwards
Check again
The OAIC suggests requesting a new copy of the report to confirm the change was made.
Financial counsellors and community lawyers can help deal with a credit provider or credit reporting body, with a signed written authority; the OAIC mentions this especially for people experiencing domestic or family violence, fraud or identity theft.
If a complaint is needed
| Stage | What the OAIC says |
|---|---|
| The provider or credit reporting body | The complaint must be acknowledged within 7 days and decided within 30 days, unless you agree to an extension. |
| An external dispute resolution scheme | If there is no response or the answer is unsatisfactory. AFCA and the Telecommunications Industry Ombudsman are examples of recognised schemes. |
| The OAIC | After the scheme, or directly. Complaints must be in writing, and the OAIC may decide not to investigate one made more than 12 months after you became aware of the problem. |
Paying someone to clean it up
Moneysmart says there is no need to pay a credit repair company to fix errors, that such companies may charge high fees for what you can do yourself for free, and that paying one may not improve a credit score. The only thing they can ask a credit reporting agency to remove is wrong information, which you can ask for yourself. More in debt management and credit repair firms.
If a report shows loans or debts you know nothing about, Moneysmart says it could mean someone has stolen your identity, and that a temporary ban can be requested on a credit report so that no unauthorised loans or credit applications are made.