Find out what information is stored on your credit record and improve your financial footprint before you next apply for credit.
Your credit file is a detailed account of your credit history that credit providers rely on to tell them what kind of borrower you are. But what exactly is included on your credit report? By better understanding what interactions with banks and lenders are listed on your report, you can make more informed financial decisions. Then, when it comes time to apply for credit, you'll be in a better position to be approved.
This section of your credit report has details that are used to identify you. This includes your name, date of birth, your address history, your driver's licence number and also your employment history.
Consumer credit information
- Credit enquiries
Any applications you've made for credit in the last five years will be included in your credit report, whether they've been approved or not. These enquiries relate to loans for household or family purposes for purchasing, renovating or refinancing residential investment property, credit cards, mortgages, car loans or even utility accounts. Interest-free store finance and store cards will also be included as well as any accounts you've gone guarantor on.
Utility accounts such as your electricity, gas and Internet are listed on your credit report. Each time you enquire with a utility provider it will be listed with your credit provider and any unpaid bills over $150 that are more than 60 days overdue can be listed on your credit file.
- Default notes.
If you have any overdue debts they will be listed on your credit file. This includes payments you've missed on loans and utility bills as well as serious credit infringements.
- Consumer credit liability accounts
This section applies to consumer accounts that you currently have open or have held in the past. The credit limits will be noted on your report as well as the type of account and the date the account was open and closed. Details of overdue accounts will also be included.
- Monthly repayment history on credit accounts
The monthly minimum repayment information on accounts such as mortgages and credit cards will be listed on your credit file. However, not all credit providers have started supplying this information yet, so you may not see it included for all of your accounts.
Public record information
Any relevant credit information that is held on the public record will be included on your report. This includes court judgements, directorship details, proprietorship details, bankruptcies, debt agreements and personal insolvencies.
Commercial credit information
Any credit enquiries you make for commercial credit accounts, such as a credit card for a small business or a business loan, will also be listed on your personal credit file. If you are overdue on any of these accounts it will be included in your file.
Any time you credit file is accessed by you or a credit provider it will be noted on your file. Under the Privacy Act 1998, only credit providers, mortgage insurers, trade insurers and authorised agents acting on your behalf can access your credit file in certain circumstances. Commercial credit and public record information can also be disclosed to organisations that deal with commercial credit-related activities and collect debts.