IDCARE Fact Sheet - Credit Reporting Agencies

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.

You are entitled to one free credit report every year. 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.

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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). Tasmania – The above and Tasmanian Collection Service.
New Zealand - Equifax, Centrix, illion

Have sufficient identification ready in order to obtain your credit history.
You may be charged a fee if you have already obtained a report from the same credit reporting body within a twelve month period.
You may also be charged a fee if you require an urgent copy of your credit report – free credit reports takeup 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.

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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 10 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) ie: police report or if it’s an online crime and you’re in Australia an ACORN report number.

For more information please see our Credit Bans Fact Sheet and Suppressions Fact Sheet.

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Relevant Websites

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Disclaimer © 2018 Copyright Identity Care Australia & New Zealand Ltd. While every effort has been made to ensure the accuracy of the information in this FACT SHEET, IDCARE disclaims any liability to any person in respect to any actions performed or not performed as a result of the contents of the alert or any accompanying data provided. Note our service is free to the community and our Counsellors will never ask you to provide your personal information and credentials if we make contact with you.