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Your credit report

Your credit report

Being in default and your credit report

Your credit information is held by a credit reporting agency, and is the official record of your credit history. This includes a record of your credit applications (even if you didn’t go ahead) and certain defaults; called your ‘credit report’. Credit providers can obtain a credit report from the credit reporting agency and use the report to decide whether or not to approve your application.

There are limits on the type of information that can be given to and held by a credit reporting agency, and who can access that information. There are also limits on how long the information can be held on file.

Banks (and other credit providers) can make a default listing on your credit report. This will generally occur if:

  • You are at least 60 days overdue in making a repayment (arrears);
  • The bank has taken steps to recover the amount outstanding (e.g. issued a default notice); and
  • You have been notified that at some stage it will list you in default if your repayments become overdue (this could be contained in your contract terms and conditions).

If you get a judgment enforced against you in a court or you go bankrupt a default listing is automatically made on your credit report. Court judgments remain on your credit report for 5 years and bankruptcies for 7 years.

The impact of your credit report

A bank or credit provider will consider various factors when deciding whether to approve your application for credit. One of these is your credit history.

Your chances of being approved for credit will increase if you’ve used credit in the past and there is no record of a default in your repayments over the last seven years, and there is nothing to suggest that you've got multiple credit facilities that could mean you’re overcommitted. A demonstrated ability to repay shows you’re more likely to be ‘creditworthy’.

It’s important to understand that you’re establishing your credit history every time you use credit. If you don’t meet your obligations under the credit contract, not only may there be problems with your existing credit provider, but you may also damage your ability to get credit in the future.

How do I access my credit report?

You have a right to access your credit report, and to ask for it to be corrected if you think it’s incorrect. You can access your credit report from these credit reporting agencies:

Veda Advantage

Phone: 1300 762 207
Email: assist.au@vedaadvantage.com
Web: www.mycreditfile.com.au

Dun and Bradstreet

Phone: 1300 734 806
Email: PACAustral@dnb.com.au
Web: www.Checkyourcredit.com.au or www.dnb.com.au

Tasmanian Collection Service

Phone: 03 6213 5555
Email: enquiries@tascol.com.au
Web: http://www.tascol.com.au/