Exactly how long information stays on your credit file  depends on the type of data. Identity information, including your name, date of birth, gender, driver’s licence and address history is held for the life of the Credit File. For other information on your credit file, here are some of the typical timeframes set out by Australian law.

1 year

• Financial hardship information, such as a hardship arrangement for a loan or credit card.
• An arrangement with a phone, internet or utility provider is excluded and won’t appear on your credit report.
   

Two years

Repayment history information, including:

• repayment amount
• when payments were due
• how often you paid and if you paid by the due date
• missed payments (not made within 14 days of the due date), and if and when you made them

  Details of the credit account itself (e.g., loan type, credit limit, and open date) remain for 2 years after the account has been closed or terminated

Five years

• Any credit enquiry
• Writs and summons
• Court judgments
• Bankruptcy, five years from date of listing or two years after discharge, whichever is the greatest.
• Overdue accounts (including utility and phone bills) listed as a payment

  A service provider can report a default if:
   

• the amount owed is $150 or more, and
• 60 days or more have passed since the due date; and
• the service provider has asked you to pay the debt either by phone or in writing

  If you pay the debt, your credit report will still list the default, but it will also show that you've paid it.

Seven years

Overdue accounts listed as a serious credit infringement or a clearout, where the service provider cannot contact you. 

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 2 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 2 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.

At Equifax, we automatically delete information from your credit report on or just before its expiry date, calculated using the retention periods set out in the Privacy Act.
 

How about overdue debts?

It’s important to note that details regarding overdue debts are not removed from your credit report just because the debts have been paid. They’ll still remain on your report for five or seven years (depending upon the type of overdue debt); however, your credit report will be updated to reflect the fact that the debt is no longer overdue. 

In the case of serious credit infringements, if the debt is paid it will be removed from your credit report if it is more than 5 years since it was listed or it will revert back to a default and be held for a maximum of 5 years from the date it was listed.

Overdue debts and late payments can have a negative impact on your ability to gain credit in the future, so it’s important that you aim to pay your bills on time. If you’re having financial difficulties, you may wish to contact your credit provider to see if you can arrange a payment plan.
 

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