Credit Reports in Australia: What They Are and Why They Matter
If you are planning to apply for a home loan, car finance, credit card or even a postpaid phone plan in Australia, your credit report will be part of the decision. Lenders do not just look at your income and savings. They also review how you have handled credit in the past, and that history is captured in your credit report. What Is a Credit Report? A credit report is a file that records your credit-related behaviour over time. It is created and maintained by credit reporting bodies in Australia. The main ones are Equifax, Experian and Illion, and each one can hold slightly different information about you. Your report contains: Personal details like your name, date of birth and address history Details of your current and previous credit accounts Applications you have made for credit Your repayment history on certain products Any defaults, serious credit infringements or public record information such as court judgements or bankruptcies Lenders use this information to assess how risky i...