How to access a free credit report in Australia

Step 1: Understand what a credit report is

A credit report is a detailed record of your credit history, including information about your credit accounts, payment history, and any credit applications you have made. It also includes any credit defaults or bankruptcies. Your credit report is used by lenders and financial institutions to assess your creditworthiness, and it is important to ensure that the information on your credit report is accurate and up-to-date.

Step 2: Identify the credit reporting bodies in Australia

In Australia, there are two main credit reporting bodies: Equifax and Experian. However, the preferred credit reporting body of most lenders in Australia is Equifax given the increased amount of data this agency holds, compared to Experian. Regardless, both of these companies provide free credit reports to individuals at least once per year. Following the recent Optus and Medibank data breaches, Equifax are currently permitting consumers to access their credit reports more frequently - every three months.

Step 3: Gather the required information

To obtain your free credit report, you will need to provide your personal information, including your name, date of birth, and current address. You will also need to provide proof of identity, such as a driver's license or passport.

Step 4: Request your free credit report

Once you have gathered the required information, you can request your free credit report from either Equifax or Experian. You can do this online or by mail.

Step 5: Review your credit report

When you receive your credit report, take the time to review it carefully. Look for any inaccuracies or errors, and dispute them with the credit reporting body if necessary.

Step 6: Understand your credit score

Your credit report will also include your credit score, which is a numerical representation of your creditworthiness. It ranges from 0 to 1,200, with a higher score indicating that you are a lower risk to lenders and financial institutions.

Step 7: Take action

If you find any errors on your credit report, or if you want to improve your credit score, there are several actions you can take. These include paying your bills on time, reducing your debt, and limiting the number of credit applications you make.

Conclusion

Accessing a free credit report in Australia is a simple process that can help you better understand your credit history and credit score. By regularly reviewing your credit report and taking action to improve your credit score, you can improve your chances of being approved for loans and credit cards and make more informed decisions about your finances.

Have any questions about your credit report or score and how it relates to a mortgage? We’re here to help, and are available to chat at a time that suits you.‍