Q1. What is a credit report?

A credit report contains information about who you are and a history of your financial behaviour. In many cases the credit report is the basis of evaluating your credit rating or determining your credit worthiness.

Q2. What is a Credit Reporting Body?

credit reporting body is an organisation whose business involves handling personal information to give another organisation information about the creditworthiness of an individual.

Q3. Why do all the different free credit score tools give me different scores?

Each credit score provider will generally be partnered with one Credit Reporting Body, and not all credit providers are partnered with all credit reporting body’s. 

Q4. Who are the Credit Reporting Bodies in Australia?

In Australia we have three main credit reporting bodies who each act independently.

Equifax – Equifax.com.au formally known as Veda Advantage

Illion – illion.com.au formally known as Dun & Bradstreet

Experian – Experian.com.au

Q4. What is the recipe of a good credit score?

There is no exact recipe, however here is a few items that you can consider when reading your credit report.

  • How many applications for credit have you made in the last five years?
  • Do you have an active account and paying each month on time?
  • Have you had any accounts listed as an Outstanding or Paid Default?

A few other items that may impact your score could be:

  • Number of Jobs you have had within a short time period. 
  • Number of times you have moved location in a short time period. 

Q5. If I’ve missed a payment or had a payment bounce from my account, am I defaulted?

Unless you have had an outstanding payment for at least 60 days, you generally will not have been defaulted. However, the credit provider may have reported your account on being overdue during that month, but this depends if your credit provider is recording payments to their subscribed Credit Reporting Body.

Q6. How long does a default or credit enquiry stay on my credit report?

Each type of record will remain on your file for five years, however as time goes on you will still see an increase in your score. However a credit provider will still see this information until the record has reached it’s five years.

Q7. Are there specific types of Credit Enquiries that are worse than others?

Generally, if you have applied to any payday type lenders. This could not only impact your score but looked unfavourably if you are looking to borrow from a traditional lender.





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