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Credit bureaus collect and distribute credit history data. You can contact a credit bureau, such as Experian or Equifax, to get a copy of your credit report and score. Lenders also get reports and scores from these bureaus when assessing your application when you apply for a credit card or loan. You can use this guide to understand the services provided by credit bureaus, compare your options in Australia and order a free copy of your credit report.
What is a credit bureau?
A credit bureau is a body that collects, holds and distributes data from credit providers that pertain to a borrower's financial history. This information forms your credit report. Each of the credit reporting agencies operating in Australia has to send you a free copy of your credit file within 10 days 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.
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.
How do credit reporting bureaus 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.
There are three different credit reporting agencies operating in Australia:
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.
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 833 and 1,200.
Elizabeth Barry is Finder's global fintech editor. She has written about finance for over five years and has been featured in a range of publications and media including Seven News, the ABC, Mamamia, Dynamic Business and Financy. Elizabeth has a Bachelor of Communications and a Master of Creative Writing from the University of Technology Sydney. In 2017, she received the Highly Commended award for Best New Journalist at the IT Journalism Awards. Elizabeth has found writing about innovations in financial services to be her passion (which has surprised no one more than herself).
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
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.
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finder.com.au is one of Australia's leading comparison websites. We compare from a wide set of banks, insurers and product issuers. We value our editorial independence and follow editorial guidelines.
finder.com.au has access to track details from the product issuers listed on our sites. Although we provide information on the products offered by a wide range of issuers, we don't cover every available product or service.
Please note that the information published on our site should not be construed as personal advice and does not consider your personal needs and circumstances. While our site will provide you with factual information and general advice to help you make better decisions, it isn't a substitute for professional advice. You should consider whether the products or services featured on our site are appropriate for your needs. If you're unsure about anything, seek professional advice before you apply for any product or commit to any plan.
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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 labelling 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.
Providing or obtaining an estimated insurance quote through us does not guarantee you can get the insurance. Acceptance by insurance companies is based on things like occupation, health and lifestyle. By providing you with the ability to apply for a credit card or loan, we are not guaranteeing that your application will be approved. Your application for credit products is subject to the Provider's terms and conditions as well as their application and lending criteria.
Please read our website terms of use and privacy policy for more information about our services and our approach to privacy.
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