How can I check my credit history?

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Our credit history can play a big part in our lives. From something as innocuous as a mobile phone contract to a major purchase such as a house, our credit history will be checked at numerous times throughout our lives and will be the determining factor as to whether we can secure credit or not.

Checking Your Credit File

There are numerous options for checking your credit file, but what information will you find when you do this?

Credit bureaus in Australia hold a lot of information about individuals’ financial past.

If you check your credit history, you can expect to find:

  • Details of any credit enquiries you have made over the last five years.
  • Repayment history on credit accounts over the last two years.
  • Details of the types of credit you have access to, including credit limits for these.
  • Opening and closing dates of credit accounts.
  • Details of writs, court judgments, serious credit infringements, defaults, and bankruptcies.

Benefits of Checking Your Credit History

By checking your credit history, you won’t only give yourself some idea of whether you’re likely to be accepted for a personal loan or another financial product, but you can also check that all of the information held by the credit bureaus is correct.

If you feel any of the information held on your credit report is incorrect, or that you may have been a victim of fraud, you can take steps to resolve this.

What are your options for checking your credit history?

Free Credit History Checks

You can request a copy of your credit history free under the following circumstances:

  • If you have been refused credit in the last 90 days.
  • Your request is related to a credit bureau or credit provider correcting information held on your credit report.
  • You are also able to request a free copy of your credit report once a year, outside of doing so in the above circumstances.

You can also sign up to a number of services offered by credit bureaus, which as well as providing you with your credit score, history, and reports may also include additional features including credit alerts and identity protection.

You can contact three national credit bureaus in Australia and these are featured below.

Source: http://www.oaic.gov.au/privacy/privacy-topics/credit-and-finance/how-do-i-get-a-copy-of-my-credit-report

VEDA

VEDA advertise themselves as Australia’s leading credit bureau, and is the bureau we use here at [name] when credit checking applicants once our eligibility criteria have been satisfied.

VEDA offers numerous options for Australians looking to check their credit history, with packages that start at $79.95 per year. The most expensive option from VEDA will cost $119.95 per year but will update you on your credit score and report more frequently as well as offering some additional benefits.

If you want to find out your credit score before looking into more detail at your credit history, you can use our web page, in collaboration with VEDA, to access your credit score free.

Dun & Bradstreet (D&B)

D&B covers 193 countries worldwide and has operated in Australia since 1887.

D&B offers a range of personal credit services, including free provision of credit reports and various alert services from $15 to $60 per year.

You can sign up to D&B’s Check Your Credit service here.

Experian

Experian is a well-known credit bureau and offers a free credit score and report service through its website.

Understanding Your Credit History

All of the above credit bureau’s websites feature advice on how to interpret the specific way they will present the data held in your credit report.

When checking your credit history, you will only be able to change information that you can show is incorrect or where you may have been a victim of fraud. However, you will be unable to remove any other information, as this is required to be kept to allow lenders and other credit providers to make informed decisions about lending to you.

Once you have checked your credit history and believe your credit file is up to date, you can check our eligibility criteria to see whether you can apply for a [name] loan, and contact us to get started with your application.

Disclaimer:  This article contains general comments and recommendations only. This article has been prepared without taking account of your objectives, financial situation or needs.  Before taking any action you should consider the appropriateness of the comments made in the article, having regard to your objectives, financial situation and needs. If this article relates to the acquisition, or possible acquisition, of a particular credit product you should obtain and consider the relevant disclosure documents before applying for the product.

Categories: Credit Reports & Ratings

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*Comparison rates are based on a loan of $30,000 over 5 years.

WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

EXAMPLE: An unsecured personal loan of $30,000 borrowed for 5 years with the interest rate of 7.45% p.a. (9.07% p.a. comparison rate), would estimate to a minimum total amount payable of $37,741.60 via the weekly payment option (including a $495 establishment fee and $13 per month administration fee). Rates are subject to change.

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