What is a credit repairer?

Credit repair companies claim they can fix your credit report or clear your credit history. Be careful of ‘credit repair' style organisations. Some companies claim to be able to remove negative information from your credit report and charge you to do so. This can often cost over $1,000 and it is likely you are required to pay up front.

Should I use a credit repair company?

Be wary of 'credit repair' style organisations and think twice before paying for the services of a company that claims they can “repair” your credit report or credit history.

Free services available to help

By contacting your credit provider or a credit reporting body they can investigate the disputed credit information for free and correct information on your credit report if it is inaccurate. If you are still unsure on what to do, you can also ask a financial counsellor or community legal service for advice. Financial Counselling Australia can help you find a financial counsellor, as well as organisations such as Good Shepherd.

Free financial counselling is available from the National Debt Helpline by calling 1800 007 007.

In addition, if you are dissatisfied with the outcome of an investigation by the credit provider or credit reporting body you can utilise the services of the Australian Financial Complaints Authority (AFCA) to which the credit provider or credit reporting body is a member. They provide their services free to consumers.

For more information on the Equifax complaints process please visit our Complaints section in our help centre.

Need more information?

ASIC MoneySmart also provides information on credit repair and financial counselling.

CreditSmart warns consumers to beware of credit repair companies and also provides information on legal advice.

What are credit report bans?

A credit file ban helps if you think your identity may have been stolen. If you have reasonable grounds to believe you have been or are likely to be victim of fraud, you can request a ban on your credit report.

Placing a ban on your credit file will prevent credit providers from accessing your credit report as part of a credit check.

Whilst the ban is in place your credit information can’t be disclosed by a credit reporting body. Credit providers will not be able to see credit reporting information on your personal, public or commercial credit report without your specific written permission.

This helps to safeguard against anyone using your information to try and fraudulently take credit out in your name.

If you are placing a ban on your credit report it is important to do so with each credit reporting body in Australia.

Learn more:

• Find out how to place a ban on your credit file
• OAIC fact sheet on fraud and your credit report

The initial ban period is for 21 days. Before the ban period ends, you can submit to Equifax to extend the ban period for a further 12 months via above web form. Equifax will extend the ban period if it considers it reasonable.

Learn more:

• OAIC fact sheet on fraud and your credit report

There is a mistake on my Equifax credit report. How do I fix it?

If you believe there is incorrect or incomplete information on your Equifax credit report, it is important that you get this corrected.

The information used to generate a credit report is provided by credit providers to Equifax, which include banks, financial institutions, telecommunications and utility companies. The best way to correct information on your Equifax credit report is to speak directly with the credit provider that the error relates to, ask that it be investigated and your credit report amended. We have a handy list of common creditor contacts or you can use the Equifax Corrections Portal.

How long does it take to correct my Equifax credit report?

Once we receive your correction request, we will provide you with written confirmation that it has been received. Our Customer Resolutions team will investigate your request within 30 days and provide a response to you in writing. We may, however, notify you that there is a delay and seek to extend this time if we have not concluded our investigation.

How does the Equifax corrections process work?

1. Firstly, you need to submit a request to us via our Corrections Portal.

2. Once we receive your request, we will provide you with written confirmation that it has been received.

If all relevant information is provided it could be as simple as us making the necessary amendment e.g. updating a default to ‘paid’ or deleting a judgement.

3. Equifax contacts the credit provider.

If necessary we will contact the credit provider on your behalf to have them verify the accuracy, or otherwise, of the correction request.

4. Equifax reviews the credit provider's response.

Equifax will then review the information given by the credit provider and make any amendments, if any, to the entry/entries on your credit report.

5. Equifax finalises the investigation.

We will notify you in writing what the result of our investigation is. If a correction is required, Equifax will send you a letter notifying you that the correction has been made. Equifax will also issue you with an updated copy of your Equifax credit report so you can see what has changed.

If a correction is made to your report, Equifax will identify bodies to whom your credit report has been disclosed in the 3 months prior to the correction being made, and notify these bodies of the substance of the correction in accordance with Equifax's obligations under the Credit Reporting Code. Equifax will do this automatically at the time the correction is made.

If a correction is not made, Equifax will write to you setting out in detail the outcome of its investigation and why the requested correction(s) has not been made. In the case of consumer credit information we will also send you a 'What You Need to Know' brochure which sets out your rights under the Privacy Act 1988 (Cth) if you are unhappy with the outcome of the investigation by Equifax.

Once we receive your correction request, we will provide you with written confirmation that it has been received. Our Customer Resolutions team will investigate your request within 30 days and provide a response to you in writing. We may, however, notify you that there is a delay and seek to extend this time if we have not concluded our investigation.

What information do I need to submit a correction request?

If you would like to submit a correction request with Equifax it is important that you have the following information ready before you start.

The information required to submit a correction request can be found on your free Equifax credit report:

• PAS number of your Equifax credit report or credit file number (not mandatory)
• Personal details such as name, date of birth, place of birth, drivers licence number, employment details, residential and previous address, email and phone number.
• Specific details of the entries on your Equifax credit report that you are disputing such as the date the entry was listed on your credit file, account/reference numbers and amounts. To ensure a smooth process you will need to ensure you have the details of these disputed entries items on your Equifax credit report before proceeding with the submission of a correction request.

How do I submit my request?

Online:

You can submit your request through our online Corrections Portal.

Post:

You can also request a correction by mail by sending your request to:

Equifax – Public Access
Equifax Australia Information Services and Solutions Pty Limited
GPO Box 964
NORTH SYDNEY NSW 2059

You will need to include the following identification information:

• Name
• Date of Birth
• Current Address
• Previous address/
• Driver license
• Current Employment

You will also need to provide details of the correction required. Please include:

• Details of the entry being disputed; including any account reference numbers and the name of the credit provider who listed it.
• The reason for disputing the entry
• Any relevant documentation

How do I check the status of a correction request with Equifax?

You can check the status of a correction request by logging in to our corrections portal using your name and place of birth.

What steps can I take if I disagree with an investigation?

If you are unhappy with the outcome of Equifax’s investigation or would like to make a complaint, please contact our Internal Dispute Resolutions (IDR) team by sending an email to [email protected]. Make sure that you sufficiently detail your matter and include your full name, contact details, any reference numbers and relevant supporting documentation. Our IDR team will investigate your matter and contact you to attempt to resolve the matter directly. 
 
We want to do everything we can to resolve your matter, so it's important that you raise it with our IDR team prior to having your matter addressed externally. Raising your matter with Equifax directly will often result in a quicker resolution.  
 
If you are still not satisfied with our response, you may contact the external dispute resolution scheme of which Equifax is a member, the Australian Financial Complaints Authority (AFCA). Please note that if you have not already done so, AFCA will likely encourage you to work with us before they investigate your complaint. 

How to contact the Australian Financial Complaints Authority (AFCA)

Online: www.afca.org.au
Email: [email protected]
Phone: 1800 931 678
Mail: Australian Financial Complaints Authority
GPO Box 3
Melbourne VIC 3001

When contacting AFCA, we suggest you include the following: 

• A detailed timeline/chronology of events
• Copies of any correspondence with our Customer Resolutions Team and the credit provider

You may also make a complaint to the Office of the Australian Information Commissioner (OAIC). 

How to contact the Office of the Australian Information Commissioner (OAIC)

Online: www.oaic.gov.au  
Email: [email protected]  
Fax: 1300 363 992  
Mail: Office of the Australian Information Commissioner   
GPO Box 5218   
Sydney NSW 2001

Learn more: More information on your rights as a consumer can be found in our What You Need to Know brochure.

If you've been rejected on a loan application due to an item on your Equifax credit report or believe there is something incorrect you firstly need to get a copy of your credit report.

You can get your Equifax credit report for free or you can subscribe to one of our Equifax product packages which will enable you to monitor and track your credit report and Equifax Score over time.

Once you have your Equifax credit report, you’ll need to review the items and check the personal identity information is correct and review the details of credit enquiries and any defaults. If in reviewing your Equifax credit report you find information such as an enquiry or default from a credit provider you do not recognise or are unaware of, it is important to have it investigated.

To start a correction investigation you’ll need the details of the entries on your Equifax credit report that you are disputing, such as the date the entry was listed on your Equifax credit file, account/reference numbers and amounts.

To ensure a smooth process you will need to ensure you have the details of these disputed entries items on your Equifax credit report before proceeding with the submission of a correction request.

The information used to generate an Equifax credit report is provided by credit providers to Equifax, which include banks, phone and utility companies.

The best way to correct information on a credit report is to speak directly with the credit provider that the error relates to, and ask that it be investigated and your credit report amended. Equifax also offers a free service to help your correct your credit report.

Learn more:

• Fix your credit report
• About credit reports

How can I improve my credit report?

Equifax has some simple steps you can follow to help you keep your credit report healthy:

1. Pay your loans and bills on time
   Consider setting up direct debits and schedule loan repayments for your pay day.
    
2. Keep track of your credit commitments
   Do your homework before applying for credit and keep track of your credit commitments. Making a number of applications within a short space of time will be recorded on your file and is not always looked upon positively by lenders, as it may be an indicator that you're under financial stress.
    
3. If you move house or update your contact details, notify lenders
   Advise lenders, phone and utility providers of your new email or physical address so they can re-direct bills to your new address. If you don't pay these bills, a default can be listed on your credit report.
    
4. If you are having trouble meeting repayments
   Talk to your credit provider who may be able to assist.
    
5. Keep track of your credit record
   Proactively manage your personal credit report by regularly checking your credit report. You can do this by checking the information held by credit reporting bodies in Australia, including by Equifax in your Equifax credit report. You are permitted to obtain your free credit report each year. Or another way to regularly check your credit report is to consider signing up to a monthly subscription and monitor changes to your credit profile through credit alerts.

How is a credit report established?

We will create an Equifax credit report on you when we first receive information about you. A credit report is generally established when you make your first application for credit. This could be when you apply for a post-paid mobile phone contract, utilities account such as electricity, gas or water, an internet or Pay TV service, credit card or store finance.

To establish your own credit report, the application needs to be in your name and at your current residential address.

A credit report could also be established if you are a business director and we receive this information from ASIC or default judgement information is collected by us from the court system.

I’ve never applied for credit. Do I have an Equifax credit report?

Many people see credit as a credit card or personal loan or home loan but there are some less obvious forms of credit. Aside from banks and financial institutions any company that provides payment terms of at least seven days may also be a credit provider, including mobile phone, electricity and gas companies. These companies may access your credit file with your knowledge, as part of assessing your request for a particular service. Retail stores also offer forms of credit through ‘buy now pay later’ and interest free store finance.

Generally an Equifax credit file is created when we receive information on you through a credit application. However, if you’ve never applied for credit you could still have an Equifax credit report. If you have rented a TV or fridge, or if you have gone guarantor for a loan this can trigger an enquiry on your credit report. An Equifax credit report could also be established if you are a business director and we receive this information from ASIC or default judgement information is collected by us from the court system.

What if I don’t have a credit history?

If you don't have a credit history you can still apply for credit. There are a number of reasons why you may not have a credit history:

• If you have never applied for credit;
• If you’ve been in a relationship where loans and bills were soley in your partner’s name; or
• If you haven’t applied for credit in a while. In this case you will still have a credit report but it will have no credit history information on it (credit enquiries are removed from a credit report after five years). This can occur for older people or those who apply for credit infrequently.

These scenarios can be common for young people who are just starting out, new migrants and also people who are newly separated or divorced.

If you apply for credit but have no credit history or a ‘thin’ credit history credit providers have little credit reporting information to go on outside of the current application you are making. In this case the credit providers may use alternate sources of information to assess your credit-worthiness, for example, if you are an existing customer with the credit provider through a savings or cheque account. .

You don’t need to get a credit card to establish a credit history. Other forms of credit like a post-paid mobile phone or electricity contract will also kick start your credit report.

What is credit?

Most people at one time in their lives will use credit. Credit can help you to get the things you want without having to pay the full amount up front. Put simply, credit is where you obtain goods or services and get to enjoy the benefit immediately and pay for them in the future.

Items that might be bought on credit include a house, holiday or new car or household goods. Credit also includes ‘buy now pay later’ retail finance and credit contracts like post-paid phone and electricity where you use the service and pay a bill each month.   

Credit is defined in the Privacy Act as a contract, arrangement or understanding under which:

a) Payment of a debt owed by one person to another person is deferred; or
b) One person incurs a debt to another person and defers the payment of the debt.

How does credit reporting work?

When you apply for credit with a bank or financial institution, or sign up to a contract that permits you to delay payment for services, for example a phone or unities contract, that organisation needs to be confident that you can repay the money. Past credit behaviour has been shown to be a strong predictor of future behaviour which is why your credit history is important and credit reporting exists.

A credit provider can use a credit report as part of the information they review to help make a decision on whether to extend credit to you. They may also look at the information you include on your application form as well as any other information they may have on you as a customer, and include all this information when making a decision based on their own lending criteria.

Credit reporting information supports responsible lending in Australia, helping ensure credit is only provided to those who are likely to repay it. The Privacy Act sets out the rules about what can be in your credit report and how it can be accessed and used.

As a credit reporting body, Equifax is one of the leading custodians of Australians' credit information.

Below are two examples of how credit reporting works.

New credit application

Let's take the example of Sue...

Sue applies for a personal loan with ABC Bank by completing a form online. The form has terms and conditions advising Sue that a credit check will be conducted and that her information can be passed on to a credit reporting body.

When assessing Sue's application for credit, ABC Bank takes into account information on the form, any other information they may have (like if she is an existing customer), and also requests a credit check from Equifax (or another credit reporting body in Australia). As part of this check, some information from the application is passed on to Equifax, such as Sue's name, address, employment details and the credit enquiry information. In response to this request for a check, Equifax will supply back to ABC a credit check, that  could include a full credit report on Sue and a credit score for Sue calculated on the Equifax credit score model.

ABC Bank then makes a decision based on all the information they have about Sue's application for credit. Each credit provider will make their own credit assessment decision. Whilst legislation determines the information a credit reporting body can pass on to credit providers, credit providers decide how to use it and what analysis to apply.  A credit provider can use a credit report as part of the information they review to help make a decision on whether to extend credit to you. They may also look at the information you include on your application form as well as any other information they may have on you as a customer, and include all this information when making a decision based on their own lending criteria. Therefore information from one lender may mean a loan application is rejected, whereas another will accept it. 

Default listing

Sue also has a mobile phone contract with the telco ABC Phone Company, and she has missed a number of payments. Despite ABC Phone Company contacting her, she has not paid her outstanding bills.

The phone company decides to list a default for non-payment (this is outlined in the terms and conditions of her account), which is legal because the amount is in excess of $150. This payment default information is provided to Equifax and other credit reporting bodies.

Next time Sue applies for credit, any credit provider who conducts a credit check with Equifax or another credit reporting body, will be able to see this default information on her credit report.

Learn more:

• Credit basics from CreditSmart

What is a credit reporting body (credit bureau) and what do they do?

A credit reporting body, often referred to as a credit bureau, is an organisation that collects and sells credit information. In Australia credit reporting bodies (CRBs) are governed by the Privacy Act which sets out the rules about what information can be collected about you and included in your credit report, as well as how it can be accessed and used. Credit reporting information supports responsible lending in Australia, helping ensure credit is only provided to those who are likely to repay it. There are only four CRB’s in Australia, Equifax, Illion, Experian and Tasmania Collection Service.

CRBs are obligated to provide you with a copy of the information they have on you, including your credit report for free.

Each CRB, like Equifax, maintains their own set of consumer credit information based on data from credit providers, like banks, financial institutions, telecommunications and utilities companies and publicly available data.

Learn more: CreditSmart helps explain credit reporting.

How can I fix an error or dispute an item on my Equifax credit report?  

If you believe there is incorrect or incomplete information on your Equifax credit report, it is important that you get this corrected. The information used to generate an Equifax credit report is provided by credit providers to Equifax, which include banks, phone and utility companies.

The best way to correct information on a credit report is to speak directly with the credit provider that the error relates to, and ask that it be investigated and your credit report amended. We have a handy list of common creditor contacts or you can use the Equifax Corrections Portal.

Find out more in our Corrections section.

Learn more: Read our "How to correct your credit report" fact sheet

What should I do if I don’t recognise an enquiry on my Equifax credit report?

If you review your Equifax credit report and find an enquiry from a credit provider you have not applied for credit with it is important to have it investigated. You can contact the credit provider or Equifax to investigate for free. The credit enquiry may have been put on your Equifax credit file in error or it may be someone trying to fraudulently apply for credit in your name.

What is a credit report?

A credit report is a record of your credit history. It may include information on applications for credit that you have made in the past; repayment history information on credit cards, personal loans and mortgages, as well as other publicly available information such as court writs and judgements relating to credit and bankruptcies.

Credit reports are available to all consumers that have a credit history and are built using information provided by applicable credit providers and public record information.

What goes into a credit report?

In your credit report you will find information about your history with credit. Your credit report is divided into a number of sections:

Personal information / identity details

This includes information like your name, date of birth, names you may be also known as, address history as well as your driver’s licence number and employment history.

Consumer credit information

The consumer credit information section includes:

Details of credit enquiries that have been made on you by a credit provider when you have made an application for consumer credit. Consumer credit relates to loans for household or family purposes as well as for the purchase, renovation or re-financing of a residential investment property. Well known types of credit include credit cards and loans like mortgages, personal and car loans. It also includes credit contracts such as telephone, electricity, gas and internet. Other forms of credit include interest free and ‘buy now pay later’ store finance and store cards.

Consumer credit liability accounts – this is an account that you currently have open or may have had in the past. It includes the type of account, the open and/or close date as well as the credit limit. Please note that not all credit providers supply consumer credit liability information to credit reporting bodies like Equifax.

Monthly repayment history on credit accounts such as mortgages, personal loans and credit cards. This reflects whether you have paid the minimum amount required on time each month or not. Please note that not all credit providers supply repayment history information to credit reporting bodies like Equifax.

Overdue accounts such as defaults and serious credit infringements.

Public record information like:

• Court judgements
• Directorship details
• Proprietorship details
• Bankruptcy, debt agreement and personal insolvency

Commercial credit information

Details of credit enquiries that have been made on you for commercial credit. Examples of commercial credit include a mobile phone contract or credit card for business use or a business loan.

Details of any overdue commercial credit accounts and other debts.

File access information

This outlines third parties who have accessed your credit report including brokers, credit repair agencies and Equifax itself; for example if you order a copy of your own credit report or your credit score from Equifax you will see a file access by Equifax here.

You can view a sample credit report here.

How do I read a credit report?

Once you have received a copy of your Equifax credit report it is important to go through the detail to make sure everything is correct. At first it may seem a little overwhelming but soon you will become familiar with the terms.

There are a couple of different ways you may receive your Equifax credit report and there are slight differences between how they look. Below is a guide on what to look out for.

Personal / identity information – make sure that your name and personal details are correct. The address details will show the address you were living at when you last applied for credit which may not always be your current address. Let us know if there are any administrative errors such as an incorrect date of birth, or a misspelling of your name or street address.

Your Equifax credit report contains a credit overview or summary which is a good place to start. This section gives you a snapshot of the number of credit enquiries, any accounts you have, overdue accounts and details of commercial credit you may have. You can then review this information in more detail within the report. You should check that the credit information listed on your Equifax credit report, such as an overdue debt or enquiry, is accurate. An explanation of the key terms on your Equifax credit report can be found below.

If you come across anything that is inaccurate whilst reviewing your Equifax credit report, it is important that you have it investigated. This is something you can do for free. You can either contact the credit provider the information relates to using a handy list of creditor contacts or contact Equifax using our corrections process.

It is important to note that Equifax takes reasonable steps to ensure that your credit report is accurate. However, as we rely on information provided by a number of different sources, errors can occasionally occur.

Learn more: CreditSmart provides some information about what to check in your credit report.

Credit report definitions

What is a credit enquiry?

A credit enquiry may be added to your credit report when a lender conducts a credit check on you as part of an application for credit. It is listed on your credit report as a 'credit enquiry'.

A credit enquiry may include the date, the type of credit you have applied for (a personal loan, credit card, mortgage or phone contract), whether you are a sole or joint borrower (including acting as a guarantor for another loan), as well as the amount.

Let's take a look at a real-life example...

David is buying a new car and he applies for a car loan with ABC Car Finance. David completes his application form and as part of the assessment on whether to accept his application, the credit provider conducts a credit enquiry.

As a result of this credit check, David's application for the car loan will be recorded on his credit report. This is regardless of whether ABC Car Finance accepts his application or David decides to proceed with the loan.

This credit enquiry will stay on David's credit report for five years from that date.

Do credit enquiries impact my credit score?

The type of credit applied for, the amount of credit and the number of credit enquiries over a period of time can all have an impact on your credit score.

One of the biggest impacts of credit enquiries that often catch people unaware is 'shopping around for credit'. If you make a number of credit applications in a short space of time, it can result in a number of credit enquiries being listed on your credit report. This can have a negative impact on your score.

Did you know....? Many applications in a short space of time can be an indicator of credit stress.

What is repayment history?

Whether you meet your minimum monthly repayments on your credit card and loans each month can be recorded on your credit report as repayment history. The repayment history information section of a credit report includes whether your minimum monthly repayments have been made on time or how many days overdue the payment is.

There is a 14 day grace period before an overdue monthly payment can be reported by a credit provider and included as part of the repayment history section of your credit report

Regularly making your minimum repayments on time each month is a good way to demonstrate good credit behaviour. Whilst one late repayment, depending upon how late the payment is, is unlikely to significantly impact your credit worthiness, a number of late payments could be an indication you are in financial stress and may negatively impact your credit report.

Repayment history information is recorded on your credit report for a period of two years.

What is a default?

A default is also known as an overdue debt. There are two types of defaults; consumer and commercial payment defaults.

Consumer payment default
A consumer payment default can be reported by a credit provider and listed on your credit report if you have an overdue debt of equal to, or more than $150 and it is more than 60 days overdue. For example, if you have a mobile phone bill of over $150, and it was due more than 60 days ago, it could be listed on your credit report as a payment default by the phone company.

Before reporting a consumer default, the credit provider must take a number of steps such as sending two separate written notices to your last known address; first requesting payment and secondly communicating an intention to list the overdue payment with a credit reporting body (like Equifax).

Commercial payment defaults
In the case of commercial credit the minimum default amount is $100. Before listing commercial defaults or overdue debts commercial credit providers or their agents must send a notice to your last known address stating their intention to list the default amount with a credit reporting body such as Equifax.

Potential credit providers may look unfavourably on applicants with a history of overdue accounts if they consider the applicant’s credit information as part of their lending assessment. So it’s a good idea to avoid defaults getting onto your credit report. To do this, you need to ensure you make your repayments and pay your bills before they become overdue.

Both consumer and commercial payment defaults may stay on your credit report for five years, even when you have paid the entire overdue amount. When you have paid a default, the status is updated to ‘paid’ which can be looked upon more favourably by lenders but it will remain as part of your credit history.

Learn more: CreditSmart and MoneySmart have information to help you understand defaults.

What is comprehensive credit reporting?

Comprehensive credit reporting (CCR) means there is more ‘positive’ information that can be included on consumers’ credit reports. This provides a more detailed picture of an individual’s credit history and credit worthiness. CCR refers to the type of consumer credit information that can be collected by credit reporting bodies (CRBs) and can be used by credit providers when making a lending decision.

The positive CCR data that can be included on credit reports includes:

• account information such as the date an account was opened and closed;
• credit limit;
• type of credit account; and
• 24 months repayment history. Repayment history information can only be provided by and shared with licenced credit providers - this doesn’t include telecommunications and utility companies.

Previously Australia had a negative reporting system. This meant consumer credit reports could only contain information such as credit enquiries (typically applications for credit) and information from credit providers such as payment defaults and serious credit infringements. Most advanced economies in the world operate under a comprehensive credit reporting system.

CCR was introduced on 12 March 2014 as part of legislative reform. The Privacy Act 1988, which is the legislation governing consumer credit reporting in Australia, was amended to introduce comprehensive credit reporting.

Whilst CCR was introduced some time ago there has been limited CCR information supplied to CRBs. It is likely that during 2018, the amount of CCR data supplied by lenders to CRBs will increase dramatically as mandatory CCR reporting for the big four banks is due to be introduced into law by the Australian Government.

What is a serious credit infringement?

Amongst other things, a serious credit infringement relates to overdue consumer debts where a person owes a debt to a credit provider but has left, or appears to have left, their last known address without paying that debt and without providing the credit provider with their new or forwarding address. A serious credit infringement can be listed on a credit report in this case if the person has not had contact with the credit provider for six months or more despite attempts by the credit provider to contact them.

Serious credit infringements on consumer credit remain on a credit report for seven years from the date they're listed. However, if they have been paid they revert back to a default and will remain on the credit report for five years. The fact that an amount has become overdue and then been paid still remains part of your credit history.

In the case of commercial credit clearouts, if you can't be contacted and it appears to the credit provider that you have left your last known address and you have not provided the credit provider with a forwarding address, they can immediately list the debt on your report as a clearout, even it hasn't been overdue for 60 days or more. Commercial clearouts will remain on your credit report for seven years regardless of whether they are paid or not.

How long does information stay on my credit file?

This all depends on the type of data. Personal identity information including your name, date of birth, gender, driver’s licence and address history is held for the life of the credit report. For other information on your credit report, here are some of the typical timeframes.

Two years

• Repayment history information

Five years

• Any credit enquiry
• Overdue accounts listed as a payment default
• Overdue accounts listed as clearouts
• Writs and summons
• Court judgments

Seven years

• Serious credit infringements

For some information the timeframe will vary

Information about consumer credit accounts you have with credit providers (known as consumer credit liability information).  This information can be held for two years after the account has been terminated or ceases to exist.  This means that the account information will remain on file for the length of the loan plus two years. 

Similarly, if you are bankrupt, have a debt agreement or personal insolvency the length of time this information remains on file could vary depending upon when the bankruptcy, debt agreement or personal insolvency agreement was entered into and when it ends.

How often is my Equifax credit report updated?

There is no set frequency with which your Equifax credit report is updated.

Your consumer credit report from Equifax can be updated on a monthly basis with account repayment information such as if you have paid a credit card, or other personal credit, on time. If it has not been paid on time this will also be recorded. Your Equifax credit report may also be updated whenever you apply for credit, open or close an account, change your credit limit or agree to act as a guarantor for someone else. Credit providers may also update your report when they list any overdue debts you may have incurred and we may also add certain information obtained from third parties, such as default judgments, court writs and Bankruptcy Act information.

Your Equifax business credit report may be updated whenever you apply for business credit, change your credit limit or are listed as a new director. Credit providers may also update your report when they list any overdue debts you may have incurred and we may also add certain information obtained from third parties, such as default judgments, court writs and Bankruptcy Act information.

Why doesn’t my free Equifax credit report include a credit score? 

Free credit reports from Equifax do not include an Equifax generated credit score which is generated using Equifax's proprietary algorithms (Equifax Score). There are, however, a range of monthly subscription products that you can purchase which provide you with your Equifax Score, along with your credit report, and also include a range of other features.

Find out more about these services.

Does checking my Equifax credit report impact my Equifax Score?

No. Checking your own Equfiax credit report does not impact your Equifax credit score.  When you check your Equifax credit report you will have a File Access note added to your credit report however this does not impact your Equifax Score.

Learn more: Both CreditSmart and the Australian Government's MoneySmart have useful information about credit reports.