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Credit Scores and Credit Reports in Australia: How They Work

By PointsExplainedLast reviewed

Request your free reports

Contact Equifax (138 332) and Experian (1300 783 684). You're entitled to a free copy from each every three months.

Check every listing

Make sure all loans and debts listed are yours and that personal details such as your name and date of birth are correct. Unfamiliar accounts could be a sign of identity theft.

Fix errors for free

Ask the credit provider or the credit reporting body to correct wrong information. If they don't agree, they must explain why and tell you about external dispute resolution or how to complain.

Build the habits lenders look for

Pay on time, keep balances low, space out credit applications and check your report at least once a year.

Where this comes from

Sources

The documents this guide relies on. If one has changed since we read it, the document is right and this guide is out of date.

  1. Moneysmart (ASIC): Credit scores and credit reports

    Lenders use credit scores; score based on credit report; two main credit reporting bodies (Experian, Equifax) and their phone numbers; free report every 3 months; score ranges 0 to 1,000 or 1,200; credit rating bands; hardship arrangement doesn't affect score and listing deleted after 12 months.

    moneysmart.gov.au · Accessed
  2. OAIC: What is credit reporting?

    Privacy Act 1988 sets strict rules for credit reporting.

    oaic.gov.au · Accessed
  3. OAIC: Access your credit report

    Free copy every 3 months; also after refusal within 90 days or a correction; fees otherwise must not be excessive; Equifax and Experian phone numbers.

    oaic.gov.au · Accessed
  4. OAIC: Repayment history and defaults

    Missed payment = more than 14 days late; repayment history kept 2 years; default criteria ($150+, 60 days, notices); no default listing while a hardship request is being decided or until 14 days after refusal, except for a repeat request on the same basis within 4 months; paid defaults updated.

    oaic.gov.au · Accessed
  5. OAIC: What stays on a credit report?

    Retention periods: default 5 years, credit enquiry 5 years, repayment history 2 years, financial hardship information 1 year, serious credit infringement 7 years.

    oaic.gov.au · Accessed
  6. OAIC: Correct your credit report

    'No wrong door' corrections; correction within 30 days or longer agreed period; written reasons if not corrected; no charge.

    oaic.gov.au · Accessed
  7. OAIC: Fraud and your credit report

    Credit ban for fraud victims; 21-day ban period; extensions; free; one body can pass the request to the others; names Equifax, Experian and illion.

    oaic.gov.au · Accessed
  8. Moneysmart (ASIC): Credit repair

    Correct information can't be removed; no need to pay a credit repair company; tips to improve your credit rating; BNPL applications trigger a credit check.

    moneysmart.gov.au · Accessed
  9. Moneysmart (ASIC): Loan rejection

    Each credit application is noted on your report; too many in a short time can lower your score.

    moneysmart.gov.au · Accessed
Questions

About this guide

How often can I get my credit report for free?

Every three months from each credit reporting body. You can also get a free copy if you've been refused credit in the past 90 days or your credit information has been corrected.

How long does a missed payment stay on my credit report?

Repayment history, including missed payments, stays for two years. A default (a payment of $150 or more overdue for at least 60 days, after the required notices) stays for five years, even if you later pay it; the listing is updated to show the payment.

Will a hardship arrangement hurt my credit score?

Moneysmart says a financial hardship arrangement does not affect your credit score. Your report shows the arrangement is in place, and that listing is deleted after 12 months.

Do I need a credit repair company to fix my report?

No. You can ask the credit provider or credit reporting body to correct errors yourself, free of charge. Moneysmart says information that's correct can't be changed or removed, even if it's negative.
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