Purchase a copy of your credit file to monitor credit activity in your name and know of any changes as and when they happen.
Many people realise the importance of their credit files only when their applications for credit don’t go through, but being proactive and going through your credit file periodically can make a big difference. My Credit File, a part of the Equifax group, gives Australians easy access to their credit files, or credit reports. It also provides a credit monitoring service that works as an effective tool against identity theft.
While you can request for a copy of your credit report for free, signing up for the My Credit Alert service requires that you pay an ongoing annual fee. In return, you can expect to receive notifications every time your credit report witnesses any significant change.
|Product Name||My Credit Alert|
|Annual fee||$79.95 p.a.|
|Available To Temporary Residents||No|
|Minimum Age||18 years of age|
|Available to Temporary Residents||No|
|Credit Rating Requirement|
Credit rating requirement is provided only as a guide. Understanding your credit file helps you make more informed decisions in regards to your finances. Learn more about what this means here.
|Annual Fee||$79.95 p.a.|
|Gambling Transactions Allowed||No|
Receive automatic notification to changes to your credit file
By signing up for the My Credit Alert service, you can expect to receive a notification via email within 24 hours of any change of information in your credit file. In addition to receiving a copy of your credit file that My Credit File dispatches in one business day, you can expect My Credit Alert to monitor your credit file for various changes and additions. You would, for instance, receive a notification each time a financial institution runs a credit check using your name. You would also receive a notification each time you apply for any kind of credit, be it a credit card, a personal loan, or a home loan.
Why do I need to keep an eye on my credit file?
If you monitor your credit file regularly, you can notify any incorrect marks or cases of identity theft and fraud as soon as possible. There are instances when creditors report defaults when there are none, and without going through your credit file, you may not know that these errors have occurred.
Your credit file finds a mention each time you apply for credit, so if someone uses your details to apply for credit with the aim of stealing your identity, you can expect to find out about it when monitoring your credit file as well.
My Credit Alert monitors and notifies you of the following changes to your credit file:
Expect to receive an email alert via My Credit Alert if your credit file witnesses the following changes or additions:
- Change of address
- Change in employment details
- Enquiries for consumer and commercial credit
- Changes in all overdue consumer and commercial credit accounts
- Changes in existing credit relationships
- Mention of court judgements, bankruptcy, and writs and summons
- Change in, or addition of, information pertaining to directorship
How can I request a copy of my credit file?
Requesting for a copy of your credit file is easy and reviewing it gives you the ability to ensure its accuracy. Access to a copy of your credit file enables you to spot and fix incorrect entries, but you can’t do this without getting a copy of your credit file first. Luckily, signing up for the My Credit Alert service is simply, and once you sign up you can expect to receive a copy of your credit file soon.
How can I sign up?
You can sign up for the My Credit Alert service by completing the secure online application form. You can setup your My Credit Alert account right now and have your credit file dispatched within one working day.
What information will I need to complete the application?
To complete the application, prepare to part with the following information:
- Your complete name
- Your date of birth
- Details of your driver’s license
- Employment details (current and previous)
- Current and previous residential address
- Daytime phone number and email address
- Name of your most recent credit provider
What happens after I sign-up?
After you complete the application process, My Credit File dispatches a copy of your credit file to you within one working day. You then receive email alerts notifying you of changes and additions to your credit file for the next 12 months.
Going through your credit file gives you the ability to spot any errors it might carry, and if this is the case, you can take remedial measures. By keeping track of changes that your credit report goes through, not only can you spot incorrect entries, you can also protect yourself against identity theft. The key, in both scenarios, is that you keep going through your credit file on an ongoing basis, and signing up for a service that provides you with regular updates can help simplify the process.
Frequently asked questions
Who looks at my credit file and why?
Credit providers as well as utilities and telecommunication companies go through your credit file in order to suitably assess your application for credit.
What information does my credit file carry?
Your credit file carries an array of information like your complete name, date of birth, driver’s licence number, employment details, contact details, details of credit applications, information about your relationship with existing creditors, details of overdue accounts, directorship information, details about bankruptcy, and details of court judgements and writs.
How long would it take to receive a free copy of my credit file?
If you want a copy of your credit file for free, you can expect to receive it in around 10 working days after placing your request with a credit reporting body.
How often can I get a free copy of my credit file?
Under normal circumstances, you can get it for free at least once every year.