There are 3 main credit reporting bureaus in Australia - Experian, Equifax, and Illion.
These credit reporting agencies collect and distribute the credit history data that makes up your credit report and use it to your calculate your credit score. Each agency uses its own credit score rating system, which means your credit score will vary between agencies.
Lenders will get your credit report and score from these bureaus if you apply for something like a home loan or a credit card, which is why it's important how they work.
What is a credit reporting agency?
A credit bureau is a company that collects, holds and distributes data from credit providers that pertain to a borrower's financial history. This information is then used to calculate your credit score and recorded on your credit report.
Each of the 3 main credit agencies in Australia (Experian, Equifax and Illion) uses its own scoring system to determine your credit score.
What credit reporting agencies operate in Australia?
The 3 major credit reporting agencies in Australia are:
Experian. This data-focused credit agency lets you order a free copy of your credit report. It also lets credit providers make more accurate credit decisions through data sharing. When you order your credit report and credit score for free through Finder, the information will be delivered by Experian. Find out more about your Experian credit score.
Equifax.This is the largest credit reporting agency in Australia and provides personal and business credit reports country-wide. You can order a free copy of your report in 10 days if you haven't ordered one in the previous year, or you can sign up for a Equifax package to have your credit file in 24 hours. Credit alert services are also available.
illion (formerly Dun & Bradstreet). You can also contact illion to check your personal credit reports. It also offers debt recovery services and provides a business credit check service where you can verify the credit and financial stability of a business.
How to get your credit report
You can request a free copy of your credit file from each of the 3 credit reporting agencies in Australia if you haven't ordered a copy in the previous 12 months. You can also get a free copy of your Experian credit report and credit score through Finder every month.
If you order a copy of your credit report and identify incorrect information (such as false defaults or repayment information), you can also contact the credit bureau that issued your report to have these issues resolved.
This is important to check and action as any incorrect, negative listings on your account could hurt your credit report and reduce your chances of approval when applying for future lines of credit.
What other providers offer credit scores in Australia?
There are a number of companies that also offer credit scores from the 3 major credit bureaus:
How do credit reporting agencies receive my information?
Any credit providers that you apply for an account with, such as a utility account, mobile phone contract, personal loan or credit card, will send this information to credit reporting agencies so it can be noted on your file. Even if you're not approved for the account it will be listed. Other public information such as court listings and bankruptcy information is also included in your report.
Are there any differences between credit reporting bureaus?
Each bureau receives information from credit providers and various public sources. However, as all of these sources are not the same you'll find that your credit report may be different if you order from each of the agencies. If you find any information that is incorrect on your credit file it's important to get in contact with the credit bureau first. If it cannot be rectified then you can contact the credit provider, and if the provider can't have the error cleared, you can get in contact with the Privacy Commissioner.
You may also find that your credit score is different depending on which reporting agency you go with. For example, Experian's excellent credit band is between 800 and 1,000 and Equifax is between 853 and 1,200.
Get your free Experian 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.
Elizabeth Barry was the lead editor for Finder. She has over 10 years' experience writing about a range of topics with a focus on personal finance. You’ll find her writing and commentary in a range of publications and media including Seven News, the ABC, MSN, the Irish Times and Singapore Business Review. See full bio
Elizabeth's expertise
Elizabeth has written 215 Finder guides across topics including:
Placing a ban on your credit report can help to protect you from fraud. Here's how to request and extend bans with Experian, Equifax and ilion in Australia.
Interest-free payments platforms such as Afterpay, Openpay, zipMoney and zipPay are convenient credit products, but still credit products. Find out how they affect your credit score.
Get a copy of your personal credit file or give your business a competitive edge with data-driven marketing solutions from illion (formerly Dun & Bradstreet).
Hi, I had a yahoo email account which has been breached. I’ve asked two of the credit agencies for my annual free report. This will show me if someone has applied for credit using my name?
Would you suggest doing the annual report each quarter, ie. use one of the three agencies each quarter to help quard against the above?
Can I assume all three agencies collect the same information?
thanks
Finder
JoanneOctober 21, 2017Finder
Hi Mark,
Hi
Thanks for reaching out.
One of the factors being looked at when your score is calculated is credit enquiries. Every time you apply for a loan, credit card or even interest-free finance it will be listed on your credit file. If you have multiple loan applications in a short space of time it could hurt your credit score. So if someone has been making loan applications under your name, that would show on the change of your credit score. That would also mean requesting for your credit score regularly would be helpful in monitoring your security or in protecting your information from fraud.
By getting a copy of your credit report, this will allow you to contact credit report agencies and inform them of the identity theft so that they can help repair your credit standings by adding notes to your credit file.
Equifax collects certain information to calculate your credit score and Experian, another credit agency, collects information separately. Because of this your score may be different. Your Equifax Score is a number between 0 and 1200 and your Experian score will be a number between 0 and 1000.
Cheers,
Joanne
How likely would you be to recommend Finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Important information about this website
finder.com.au is one of Australia's leading comparison websites. We are committed to our readers and stands by our editorial principles
We try to take an open and transparent approach and provide a broad-based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labeling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
We make money by featuring products on our site. Compensation received from the providers featured on our site can influence which products we write about as well as where and how products appear on our page, but the order or placement of these products does not influence our assessment or opinions of them, nor is it an endorsement or recommendation for them.
Products marked as 'Top Pick', 'Promoted' or 'Advertisement' are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment when you click on those buttons or apply for a product. You can learn more about how we make money.
When products are grouped in a table or list, the order in which they are initially sorted may be influenced by a range of factors including price, fees and discounts; commercial partnerships; product features; and brand popularity. We provide tools so you can sort and filter these lists to highlight features that matter to you.
Please read our website terms of use and privacy policy for more information about our services and our approach to privacy.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Hi, I had a yahoo email account which has been breached. I’ve asked two of the credit agencies for my annual free report. This will show me if someone has applied for credit using my name?
Would you suggest doing the annual report each quarter, ie. use one of the three agencies each quarter to help quard against the above?
Can I assume all three agencies collect the same information?
thanks
Hi Mark,
Hi
Thanks for reaching out.
One of the factors being looked at when your score is calculated is credit enquiries. Every time you apply for a loan, credit card or even interest-free finance it will be listed on your credit file. If you have multiple loan applications in a short space of time it could hurt your credit score. So if someone has been making loan applications under your name, that would show on the change of your credit score. That would also mean requesting for your credit score regularly would be helpful in monitoring your security or in protecting your information from fraud.
By getting a copy of your credit report, this will allow you to contact credit report agencies and inform them of the identity theft so that they can help repair your credit standings by adding notes to your credit file.
Equifax collects certain information to calculate your credit score and Experian, another credit agency, collects information separately. Because of this your score may be different. Your Equifax Score is a number between 0 and 1200 and your Experian score will be a number between 0 and 1000.
Cheers,
Joanne