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.  This is because multiple credit applications are often a sign someone is under financial stress.

3. If you move house or update your contact details, notify lenders
If you move or change your email address, make sure to update your contact details with any businesses that send you bills. If you don’t receive bills and don’t pay them, you could end up with defaults listed on your Credit Report. 

4. Let credit providers know if you’re in financial difficulty
If you contact them, they will often be willing to come to some arrangement with you. But if you fail to make your repayments with no explanation, you’ll probably end up with a default on your Credit Record.

5. Keep track of your credit record
Proactively manage your personal credit profile 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’re entitled to a free Credit Report once a year and whenever you have an application for credit denied. You also have the option of signing up to a monthly subscription with Equifax, which will entitle to regular credit reports, along with other tools that will allow you to monitor your creditworthiness.