Credit rating

Credit rating

Credit Rating check Australia.

There are only a few credit reporting bureaus in Australia which gather and maintain your personal credit history information or your credit rating.

The two largest of these agencies in Australia are Veda and Dun & Bradstreet, with Veda being the largest and most commonly used.

Almost every lender will access Veda when performing a credit check on you and quite a lot will also use Dun & Bradstreet.

All of these agencies who compile and maintain your credit rating are governed under very strict laws which fall under the Privacy Act.

Not everyone has access to your credit rating.

In order to have access to your credit rating a business must be a licenced financial provider, utilities provider, mortgage broker or other authorised access agent which also must act in accordance with laws and guidelines as outlined by the Office of the Australian Information Commissioner (formerly Privacy commissioner)..

Of course you can access your credit rating in Australia by carrying out your own search which is not difficult.

There are two options for you to perform your own credit rating assessment online.

You can contact a credit reporting bureau and request a free copy. This will normally take several weeks to get to you.

Or you can choose to have a professional assess your credit history on your behalf which is employing an authorised access seeker/agent and attracts a small fee for assessment, such as our $35 fee.

All lenders will check your credit rating as part of an application process.

Naturally lenders want to see if you have any less than desirable back ground before they provide you with Credit or lend money.

These lenders and credit providers must hold a current Australian Financial Services Licence.

When they access your credit rating they will see the last five years of activity regarding applications for finance, credit cards and other lines of credit, utilities applications such as power or gas and of course Telco applications.

If you have any defaults on your file they will stay on for five years from the original entry date, regardless of when you opened the account or went into arrears.

If you have a court action on your credit file it will also last for five years from the date judgment was entered.

Bankruptcy details are listed for seven years from the commencement date of bankruptcy, even if it is only a Part 9 under the Bankruptcy Act which is what you are arranging when you agree to the many advertised debt assist programmes you may have seen on television. Be careful!

Personal information is also held on your credit rating.

Other information which you provide when applying for credit or finance will also be loaded onto your credit rating by the credit provider you are submitting the application with.

That is how your personal details are updated with a credit reporting bureau such as Veda or Dun & Bradstreet.

Information such as your employer, date of birth, current and previous address, licence number is all entered every time a lender completes a credit check on you. This cross references with the existing date on the credit reporting bureaus data base and obtains a correct match.

Mistakes can be made by credit providers when checking your credit rating.

Staff are only human and prone to making errors when submitting data to a credit agency.

And yes, some entries can be removed as we discuss in this article.

If you are in doubt of any information on your file you can always conduct a credit check yourself and see what is held on your file.

If a credit provider tells you there is adverse information on your credit file then it would be wise to obtain your credit rating file immediately and examine the contents. You may have to seek help if adverse issues are removable.

Not all entries on a file can be removed or amended and will be determined by the account history behind a default, who the credit provider was, how helpful any staff are who you approach, whether they followed correct procedures when listing a default on your credit rating and many more factors.

If you need your credit rating assessed by a professional then you can apply right now by using our link Assess My Credit history.

Credit file information