Your credit file holds all your financial information, making it very important in when it comes to accessing credit from banks, building societies and other lenders.
A credit file is a collection of your financial information that is used by lenders to assess your creditworthiness. Credit reporting agencies in Australia such as Veda and Dun & Bradstreet usually hold credit files of anyone who has ever applied for any form of credit i.e. personal loan, mortgage or credit card. Banks, financial companies and building societies use your credit file to assess how you handle credit so that they can determine whether to approve or deny your application for credit. Therefore, a good credit report can improve your chances of getting loans or getting your credit limit raised, which is why it is always a good idea to check your credit file regularly so as to ensure it is accurate. You can request for a copy of your credit file from credit reporting agencies in your local country.
Order a copy of your credit file
Receive email alerts whenever specific changes occur on your credit file for 12 months. You also receive a copy of your credit file despatched within one working day.
Receive your credit file with information on:
- Details of consumer credit enquiries
- Details of overdue consumer credit accounts
- Commercial credit enquiries
- Details of overdue commercial credit accounts
- Bankruptcy & Court Judgements
- Writs & Summons
- Information on your current relationship with a credit provider
- $79.95 p.a. annual fee
What is a credit file?
Have you ever wondered what lenders base your credit application approval on? In approving loan and credit card applications or when raising your credit card or loan limit, financial institutions such as banks and building societies consider your credit file. A credit file is a document that contains your credit history. This is basically information of how you have repaid past loans, bills and other forms of credit. Any loans and credit cards you have ever applied for or any defaults or overdue debts you have will be included in your file, including details of whether you missed monthly payments or not.
How can I receive a free credit report within 10 days?
Having an accurate credit file is very important when applying for any form of credit. Errors on your credit history may deter lenders from giving you credit when you need financial assistance. This is why it pays to go the extra mile and check whether your credit file looks good to lenders by ordering a copy and rectifying any mistakes within.
You have a right to know how your credit file looks. Credit file agencies are required to provide you with a copy of your credit file within 10 days of you requesting for it. They are also required to ensure that the credit information they hold on you is accurate, updated and relevant, so you can send them revision requests if you discover any errors in your credit history.
A relevant and complete credit file can be your ticket to a healthy financial status, which is why you should order a copy each year from main credit reporting agencies such as Veda, Dun & Bradstreet or Experian Credit Report. You can either request a free copy of your credit file and receive it within 10 business days or pay a fee to get it earlier.
What information is held on my credit file?
Credit reporting agencies specialise in collecting information about your credit history and compiling it into your credit file. This information is gathered from sources such as credit card providers, courts and mortgage lenders. Here is a look at the information found on your credit file.
- Personal details. This includes your name, current address, your employment number, date of birth and driver’s license number.
- Credit cards. Any credit card you currently hold will be on record in your file.
- Debt arrears. Your file will also contain all your present debts brought up to date and any debts that are overdue or that have been cleared.
- Debt agreements. This is information on any court judgments, insolvency agreements, debt agreements in your name or bankruptcies.
- Defaults. Defaults may include information on your credit infringements i.e. missed loan or utility bill payments.
- Credit applications. This will be information on any credit you have applied for presently and in the past i.e. mortgage, car loan etc.
What credit reporting agencies can I receive a copy of my credit report from?
There are several credit reporting agencies that can assist you access your credit file and correct any erroneous defaults and other financial details that make your credit history look bad. Here are some of the main players in the Australian credit market:
- Experian Credit Servicers - This credit information provider can help you manage your financial information and correct errors in your credit file. You can get a copy of your credit card from them for free within 10 days and get help in improving your credit reputation.
- Tasmanian collection service - This agency contains a comprehensive credit database on the Tasmanian population, and you can order your credit report from them for as little as $5.50 or get a free copy within 10 days. Businesses can reduce the risk of incurring a bad debt by requesting for up-to-date TSC credit reports.
- Dun & Bradstreet - This agency can help you ensure the accuracy of your credit report by helping you correct any inaccuracies and ensure your credit file looks attractive to lenders. You can order and receive your free D&B credit file online within 10 working days or have it sent within a day or two via express post for just $30.
- Veda. - Veda is a leading credit reporting agency that can help you rectify your credit file if you are denied credit. A free copy can be sent to you on request within 10 business days, or you can have it despatched to you within a day via Express post for just $69.95
What information do I need to provide to receive my credit file?
- Your full name.
- Your date of birth.
- Your driver's licence number.
- Two forms of identification i.e. a copy of your birth certificate, passport or drivers licence and bank statements or utility bill.
- Your current residential address.
- Your previous addresses.
- Your current or previous employer.
- Name of the organisation to which you last applied for credit.
- A daytime telephone number.
- How you would like your file sent to you i.e. via post, fax or email.
Why is it important to check my credit file?
A yearly check and revision of your credit file can help improve your chance of getting loans and credit card applications approved. Here is why you should check your credit history:
- Looking for incorrect personal information. Details of your current address, employment information and other personal details need to be accurate when applying for credit.
- Checking for incorrect defaults. Incorrect defaults may include serious credit infringements that would make your credit history look bad to lenders. Any erroneous defaults, missed utility and loan repayments need to be corrected occasionally so that your credit report remains healthy.
- Accessing credit. Lenders are more likely to approve your credit application if you currently have no debt, have a history of making payments on time and have had a stable job and address.
Frequently asked questions
- Do I have a credit file? If you have ever applied for any form of credit such as a loan or credit card, you will have a credit file.
- Can I have information removed from my credit history? Yes. You can have incorrect details removed if you request a revision from a credit reporting agency and include proof of payment or other relevant documentation. Overdue debt and credit application information can only be updated by your credit provider, so you may have to follow it up with them.