FAQs

What is a credit report?

A credit report is a file that contains information about you including your personal details along with a financial history. Your credit report may be referred to by lenders or credit providers like banks and credit card companies to help assess whether or not to provide you with finance or a credit card.

What type of negative listings appear on a credit file?

– Defaults
– Judgments
– Cross references
– Bankruptcy & Debt Agreements
– Credit enquiries (e.g. mortgages, vehicle finance etc)
– Previous directorships
– Serious credit infringements

If I pay a default, is it then guaranteed that it will be removed from my credit file?

No, if the default is paid that is recorded buy it is not removed from your credit file.

Can I repair my own credit file?

Yes, however if you are unfamiliar with relevant laws and processes you will encounter difficulties in obtaining a positive outcome.

How long does the default stay on my credit file?

A default and court judgment will remain on your credit file for up to 5 years and a serious credit infringement will remain on your file for up to 7 years.

Who are the main Credit Reporting Bodies in Australia?

1. Equifax;
2. Experian; and
3. Illion.

How long does it take for a credit reporting body to remove a negative listing?

In the event of a successful application, by law, the credit reporting bodies are required to respond to requests for the deletion of the negative listing within 30 days.

Does it make any difference that my default is an incredibly small amount?

Regardless of the size of the default, a negative listing will be recorded on your credit file resulting in you being considered a credit risk.