What are Credit Reporting Agencies?
A credit reporting agency is a private company that collects data and maintains historical information on consumer and business credit records. Credit reporting agencies also provide consumers and credit providers with credit reports.
In Australia, you are entitled to a free credit report from each agency every three months. In New Zealand, there are no limits to how often you can access your credit reports. A credit history provides a ‘picture’ of how you use credit. If you have ever owned a credit card, taken out a loan, or applied for a mobile phone plan you will have a credit history. Your credit history may include information such as loan inquiries, current loans, defaults, bankruptcies, and details about whether you pay your bills on time. This ‘picture’ is used by credit providers when deciding whether or not to approve an application for credit.
Why do I need a Credit Report?
A credit report is a means to assess whether someone has attempted to obtain credit in your name. A yearly credit report is also a way you may monitor your file to ensure no errors are on your report. Errors may look like enquiries organisations have made about your credit you can’t explain.
Please Note: If you request your credit report, your current contact details will then become available to any lenders, creditors or debt collectors who check your report.
How to do I obtain a Credit Report?
- Request a free credit report from ALL relevant agencies as some may gather credit information others have missed :
- Australia - Equifax (formerly Veda), Experian, illion (Formally Dun & Bradstreet).
- New Zealand - Equifax, Centrix, illion
- Have sufficient identification ready in order to obtain your credit history.
- In Australia, you may be charged a fee if you have already obtained a report from the same credit reporting agency within the last three months. However, you cannot be charged if you have evidence that you have been refused credit within the past 90 days, or your credit-related personal information has been changed. Additionally, illion never charges for credit reports.
- You may also be charged a fee if you require an urgent copy of your credit report. Free credit reports take up to 10 working days.
- If you would like help understanding the process or need assistance in obtaining or interpreting your credit report please contact IDCARE.
What if my identity has been compromised?
- If there is risk that your identity may be fraudulently used, it is recommended that a ban (also known as a suppression) be placed on your file – this is a free service.
- During a suppression period, credit providers will not be able to access your file for 21 days (Australia) or between 10 days and 20 days (NZ).
- Report your matter to police and notify your financial institution(s).
- A suppression may be extended indefinitely but you will need to provide proof of fraudulent activity (or risk thereof), for example a police report or if it’s an online crime and you’re in Australia a cyber.gov.au report number.
Relevant IDCARE Fact Sheets
You can find more detailed information in the following IDCARE fact sheets:
Relevant Websites
Australia
New Zealand
For additional support or information, contact IDCARE by submitting a Get Help Form or call 1800 595 160 (Aus) or 0800 121 068 (NZ).
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Disclaimer
Identity Care Australia & New Zealand Ltd (IDCARE) provides identity and cyber security incident response services (the Services) in accordance with the following disclaimer of service:
- IDCARE is Australia and New Zealand’s national identity and cyber incident community support service. IDCARE is a not-for-profit and registered Australian charity.
- The Services provided do not constitute legal advice. IDCARE recommends that you consult your own legal counsel in relation to your legal rights and obligations, including but not limited to your legal rights or obligations under Australian and international privacy and data protection laws.
- While every effort has been made to ensure the accuracy of the content provided, to the maximum extent permitted by law all conditions, terms, representations, and warranties (in each case, whether express or implied) in connection with the provision of the Services which might otherwise be binding upon IDCARE are excluded.
- IDCARE’S liability for any loss or damage suffered by any person or organisation (including, without limitation, any direct, indirect or consequential loss or damage) arising out of or in connection with the Services (including without limited liability for any negligent act or omission, or statement, representation or misrepresentation of any officers, employees, agents, contractors or consultants of IDCARE) shall be limited to the fees paid by you to IDCARE in respect of the Services. For the avoidance of doubt, this limitation of liability extends to any liability arising from any actions performed or not performed as a result of any recommendations made in the course of providing the Services.
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