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Credit bureaus collect and distribute credit history data. They're how you can get your credit score.
There are three credit bureaus in Australia - Experian, Equifax, and illion. Lenders will get your credit report and core from these bureaus if you apply for something like a home loan or a credit card.
Read on to learn more about how these credit bureaus operate.
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.
By submitting your phone number, you agree to the Finder privacy policy and terms of use
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.
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.
What information is included in your credit file?
There are three different credit reporting agencies operating in Australia:
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.
Curious about your credit score or report? Find out about both now for free.
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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