Firstly, your credit report is what all banks use as one of their tools to determine if they will lend to you.
Up until 2014, Australia had a “negative credit reporting” system which meant the credit report mainly looked at “negative” information about your credit history such as possible defaults and judgements.
The laws regarding credit reporting changed in 2014 to a new system, similar to many countries overseas, known as “comprehensive credit reporting”. These changes give credit reporting bodies more detailed information about you, which then allows the banks to make a more informed decision.
The new credit reporting system still outlines defaults and judgements but also covers whether credit you have applied for has been approved or declined, the amount of the credit applied for and even if you are making those repayments on time. Also listed will be whether the approved loans have interest only or principal and interest repayments for example.
In summary, the new credit reporting will be a lot more comprehensive and this information is being shared between financial institutions.
You have the right to obtain a free copy of your credit report at any time and you can receive a free copy if you can wait approximately 10 days. You may have to pay if you need the report sooner.
You can get a copy of your credit report from the following credit reporting agencies. Please note, in some cases, you may have a credit report with more than one agency.
Credit reporting agencies
Veda.com.au
PO Box 966, North Sydney NSW 2059
membership.query@veda.com.au
Phone 1300 762 207
CheckYourCredit.com.au (Dun and Bradstreet)
PO Box 7405, St Kilda Rd, Melbourne, VIC 3004
pac.austral@dnb.com.au
Phone 1300 734 806
Experian Credit Report
GPO Box 1969, North Sydney, NSW 2060
creditreport@au.experian.com
Phone 1300 783 684
Tasmanian Collection Service
GPO Box 814, Hobart TAS 7000
enquiries@tascol.com.au
Phone 03 6213 5555
