Experian Credit Reporting

Information verified correct on October 22nd, 2016

Understand your consumer or business credit report with the help of Experian.

Having current information about your credit report is very important as it can help you know where you stand financially. Experian is a credit reporting agency that can help you obtain a copy of your credit file, understand your credit information and improve your credit reputation.

Experian obtains your credit information from lenders whenever you apply for credit – mobile phone contracts, mortgages and other products – compiling all information about your repayments, defaults and any credit infringements into a file that lenders look at when determining whether to give you credit. Ordering your Experian credit report can ensure that you understand your credit position and learn about what could be holding you back from being approved. Experian can also help you with credit file revisions and management of your financial information.

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Who are Experian?

Experian is a leading credit reporting agency that is working towards improving credit reporting and helping credit providers manage and maintain comprehensive credit reports. The company runs several credit bureaus within Australia and across the globe, and it has partnered with leading credit providers in Australia to help come up with a Corrections Exchange. This service has helped improve the management and tracking of credit reports for businesses and individuals.

New credit laws in Australia require credit reporting agencies to respond to credit report corrections within 30 days to keep credit reports free of errors and updated. Experian can help you with these corrections so that you improve your credit rating. In an attempt to comply with new credit reporting requirements, credit providers across Australia are depending on Experian and other credit reporting agencies to better manage credit correction processes and improve their credit information databases.

What credit reporting services does Experian offer?

Experian helps credit providers and borrowers improve their credit reporting and minimise financial risk. Here are the main services provided by this credit reporting agency:

  • Credit reports. Experian helps you access your credit report so you can better understand how your credit profile looks to lenders. Many people have a problem understanding the information on their credit file and figuring out how lenders use their credit files while approving credit. Experian helps with this and also assists credit providers assess risk while supplying credit to business, promoting sustainable lending and economic growth in the country.
  • Credit scores. Experian constantly improves its database on customer and business credit histories to come up with relevant and updated credit report information to guide credit providers in assessing more scenarios when giving credit, as well as helping individuals improve their credit scores and credit reputations.
  • Customer originations. Identity fraud is a major problem in the lending business, leading to big losses for financial institutions each year. To help credit providers combat this problem, Experian offers identification verification services using its identity authentication process, making lending less risky for lenders and more fulfilling for borrowers.
  • Corrections Exchange. This service from Experian targets lending bodies and customers, helping in the fast and efficient handling of credit file corrections. This is an important service that helps lenders comply with new credit reporting obligations in Australia while ensuring credit reports are relevant and accurate.

How can you read an Experian credit report?

Experian credit reports allow lenders to access and interpret your credit information while approving your request for credit, so it’s important to learn what is contained in a credit report and how this information is used. Your personal credit report will contain:

  • Personal details. This will include your name, address, employment history, date of birth and driver's licence information.
  • Public record information. This includes any credit information that is held on the public record. This can be court judgments, writs and bankruptcy notes, personal insolvency notes and debt agreements.
  • Current and previous credit provider details. This includes information about credit accounts you currently hold and have held with banks and other lenders for the past five years. Details such as the type of account, credit limit, repayment information and dates the accounts were opened and closed will be included.
  • Defaults. Your Experian credit report will also list all credit infringements in your credit history, such as missed loan repayments, missed utility payments, unpaid debts etc.
  • Enquiries. Each time you make a credit inquiry, that information is noted in your credit report. Many credit enquiries in your report over a short period usually looks unattractive to lenders.

What other services does Experian provide?

    • Credit risk management. Experian helps you make sound financial decisions by providing you with customer credit scores and helping you identify liens and bankruptcies that would increase the risk of incurring a bad debt. The company can also help with debt collection and recovery strategies and offer consultations on how to limit losses in lending.
    • Strategy management. In order to run a successful business in a volatile economy, businesses require assistance in making precisely targeted consumer decisions. Experian offers strategy designing and execution and business decision making that is agile and fast.
    • Fraud prevention and identification. Experian helps lenders build lasting relationships with customers by providing analytics, consumer behaviour information and verification, and identification services that ensure that only legitimate customers get access to credit. These services can help reduce false positives during credit application approvals, cutting losses caused by fraud and identity theft.
    • Strategic consultancy. Experian can help your organisation keep up with changes in the industry by offering strategic solutions that will help you explore profitable propositions and reduce compliance risk.
    • Customer management. Your organisation can depend on Experian for more in-depth insight into customers so you can develop better relations, assess risk metrics, determine profitability potential from various clients and even enrich the profile of existing customers. Information on propensity to pay will also help your organisation limit the risk of defaults from customers.
    • Cross-channel marketing. Bring your brands and customer base closer together by utilising the Experian marketing platform that is flexible in integrating various brands and customer insights.
    • Online intelligence. Get reliable online intelligence about customer interaction online and review browsing trends on smartphones and tablets using the Experian Hitwise service.
    • Originations. You can use the Experian identification authentication service to track customer identities and minimise the risk of identity theft and credit fraud in your organisation.

What are some of the features and benefits Experian offers with its products?

Experian offers a wide range of services that are meant to improve business productivity, mitigate lending risk and tap into new profitable areas in your business. With services such as fraud identification, demographic profiling and online intelligence, you will have the tools needed to make better strategic decisions to enable your business to cope with change and better manage customer needs. Experian also offers affordable services that can help you save money while improving key strategic areas and revenue retention in your organisation.

Experian marketing services can help you better target your customers based on their risk metrics and profitability potential. With a reliable credit reporting database and a team of experts who are skilled in strategy formulation and execution, Experian can improve productivity and give you a better insight into the market and the customer base you have.

Have you weighed up the pros and cons of Experian's products and services?

  • Comprehensive credit reporting. Experian credit reports are updated and reliable, enabling your organisation to make sound financial decisions when approving credit to customers.
  • Reliable database. Customers with errors on their credit files can have them corrected quickly using the Corrections Exchange service. Credit providers can also update and manage their databases and rely on relevant financial information, customer insights and credit scores from Experian for better lending decisions.
  • Advanced products and solutions. Experian’s marketing services are designed to help you find strategic solutions for all your organisational needs, including marketing, intelligence gathering, risk mitigation and even fraud prevention.
  • Waiting period. You may have to wait up to 10 days after ordering a free copy of your credit report from Experian credit services.

Access your Experian credit report and learn how you can improve your credit profile to access credit from banks, utility companies and mortgage providers. Experian credit services can also help you avoid financial risk in your organisation and provide the guidance you need in interpreting and improving your credit report.

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