If you're worried about identity theft or errors on your credit report, a credit monitoring service could help.
Credit monitoring services and packages can automatically alert you to changes to your credit report and credit score to help ensure the accuracy of your credit report and catch any mistakes or suspicious activity as soon as possible.
What is a credit monitoring service?
A credit monitoring service notifies you of changes to your credit report. Mistakes on your credit report, such as errors with your name and address, incorrectly-listed defaults or accounts not belonging to you can ruin your credit reputation and make providers consider you a bad credit risk.
How do credit report monitoring services work?
If you are an Australian with active credit, you have a file with a reporting agency where all your credit history and personal information is listed. Every time you apply for credit, which includes store finance and utilities, credit providers update your file, listing any infringements or current debts you have. Comprehensive Credit Reporting (CCR) means that the payments you've made, and whether you've made them on time, are also listed on your report.
Monitoring services let you stay informed of all changes in your credit report, giving you the ability to manage how lenders perceive your creditworthiness. Here is a brief look at how each monitoring service works:
Finder's free credit report service. You can check your full credit report and credit score for free with finder and check it at any time on your finder dashboard, we'll alert you anytime something on your report changes and will send you an updated credit score every month. Get your free credit report and score here.
Equifax alerts. Equifax offers tiered packages with different levels of service, including monitoring services. With Equifax access, you get credit alerts so you receive an email when certain changes, including credit inquiries, happen on your file. The Equifax ID package gives you credit alerts as well as Identity Watch, which will alert you if your details may have been compromised online.
illion Data Registries credit alerts. illion offers credit alerts that will notify you of any change on your file and will email you a copy of your report. ID check alerts you to changes in the personal details of your credit report and when a new credit application is made in your name.
What information is on my credit report?
Personal information. These are details about your current address, work history, name, date of birth and your driver’s licence number.
Default notes. Details of overdue accounts, current debts and repayments being made, missed payments and serious credit infringements.
Credit information. This includes listings of past credit inquiries, credit cards held with different providers, any loans you've held with different lenders, utility accounts and the monthly repayment history on all current debts.
Public record. Information held under public record including writs and judgments, bankruptcy and insolvency notes, directorship information and any debt agreements.
Joint applicants. This section holds information about any credit accounts you jointly hold with another party.
What information could cause a change?
Whether your numerical score changes or not, all of the below will cause a change on your report if and when they are reported:
New credit enquiry. If you apply for a new utility account, loan or credit card, the provider will enquire about your credit. These enquiries are listed on your account regardless of whether you're approved or declined.
Credit limit increase or decrease. All credit limit changes are listed on your report. For example, if you request a credit limit increase on your credit card to make a large purchase.
Existing credit account added. If your existing credit issuer starts reporting to a credit reporting bureau, it will begin showing up on your credit report. For example, if you've had a mobile plan for years and the telco just started to report data to Experian.
Your repayment history. Your repayment history, both on time and late, will be detailed on your credit report.
New and cancelled credit accounts. From applying for a new personal loan to closing an old credit card, these account changes will be listed on your report.
Defaults. If you have an overdue account of $150 or more that's delayed for 60 days or longer, it will be listed as a default. Whether it's paid, settled, increased or decreased, it will remain on your report for 5 years.
Serious credit infringements. If you have overdue accounts and haven't made contact with your provider in six months, any amount owing will be classified as a serious credit infringement. This could happen if you fail to pay your bills or haven't seen correspondence from your credit issuer because you've moved and haven't updated your details. Even if you pay it, these will remain on your report for seven years.
Bankruptcy. If you've declared bankruptcy or your bankruptcy status has changed (for example, the bankruptcy you declared five years ago has been removed from your report), you'll see a change on your credit report.
Court judgements. If a court judgement is added, paid, discontinued or set aside, it will be listed on your report. For example, a court ordering you to pay your credit provider what you owe them, including any fees, interest and penalties, will appear on your report.
How do I get a copy of my credit report?
There are a few different ways of getting your credit report:
Firstly, you can get your full credit report for free with Finder. You'll be able to receive your credit report and score, provided by Experian, within a few minutes and it will be accessible any time through your finder account. You'll be notified whenever something on your credit report changes and you'll also receive your credit score, which is updated every month.
You're also able to order a free copy of your credit report once a year from any of the main credit reporting agencies. If you reside anywhere in Australia you can order your file from Equifax or illion (formerly Dun & Bradstreet). You can also order your credit report if you've been rejected for credit in the previous 90 days or if you've requested a correction in your credit report.
Why is it important to check my credit report?
Monitoring your credit report is the best way to protect your credit and identity. A good credit history means you can get credit should you need to. You should proactively check your credit report regularly or subscribe to a monitoring service to be alerted to updates of your credit report. Staying up-to-date with what's on your credit report helps to:
How knowing your credit score could protect your identity
Frequently asked questions
How do monitoring services protect my identity?
Most monitoring services alert you within a day of a change occurring in your credit report, allowing you to keep track of your accounts, credit inquiries and default notes. Should fraudulent listings appear, your monitoring service would immediately alert you, ensuring that you respond in time to stop the fraud and mitigate the damage.
What information will be monitored?
Subscribing to a monitoring service means you will be notified of changes or additions to your credit report. Monitored information may include your personal details, consumer or commercial credit enquiries, court judgments or overdue accounts.
Want a better way to check your credit score?
Banks know your credit score, so why shouldn't you? The Finder app updates your score automatically each month and lets you know if it changes. Pop in your phone number below to get your download link.
Shirley Liu is Finder's global program manager. She was previously the publisher for banking and investments and has also written comparisons for energy, money transfers, Uber Eats and many other topics. Shirley has a Master of Commerce and a Bachelor of Media, Journalism and Communications from the University of New South Wales. She is passionate about helping people find the best deal for their needs.
The average Australian has a "very good" credit score according to Finder analysis. Here's how credit scores are categorised in Australia, and how to check yours.
Credit scores are recognised in many countries, but can be calculated very differently. Find out how the USA, UK, China, India and Canada score credit, and how Australia's system compares.
Thanks for getting in touch with Finder. I hope all is well with you. :)
You can obtain your free credit score through Finder using a valid Australian driver’s license or passport. You can follow the instructions on the page.
I hope this helps. Should you have further questions, please don’t hesitate to reach out again.
I received I received a message telling me my credit score/rating had changed, but I cannot see any changes on my record. Why have I received this message? Thank you
If you’re concerned whether a message is genuine, you can forward it for verification to a trusted contact, such as a customer service rep at the organization that claims to have sent it. It will never hurt to ask. And if you’ve receive a call or email you think is a scam, report it to the Australian Criminal Intelligence Commission.
You can login to your online Veda account through Veda’s website to get access to your credit report – the $79.95 package gives you access to one credit file per year.
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What is my credit score?
Hi June,
Thanks for getting in touch with Finder. I hope all is well with you. :)
You can obtain your free credit score through Finder using a valid Australian driver’s license or passport. You can follow the instructions on the page.
I hope this helps. Should you have further questions, please don’t hesitate to reach out again.
Have a wonderful day!
Cheers,
Joshua
I received I received a message telling me my credit score/rating had changed, but I cannot see any changes on my record. Why have I received this message? Thank you
Hi Kay,
Thanks for leaving a question on finder.
If you’re concerned whether a message is genuine, you can forward it for verification to a trusted contact, such as a customer service rep at the organization that claims to have sent it. It will never hurt to ask. And if you’ve receive a call or email you think is a scam, report it to the Australian Criminal Intelligence Commission.
Hope it helps,
Joel
how can i view credit copy? which I’ve already paid $79.95 last december… thanks
Hi Orlyn,
You can login to your online Veda account through Veda’s website to get access to your credit report – the $79.95 package gives you access to one credit file per year.
I hope this has helped,
Elizabeth