This is intended as a general guide to understanding this topic, please contact us to discuss your individual circumstances.
Your credit file holds information about you, which is accessed by lenders as a Credit Report when they first start reviewing your loan application.
If you have every applied for or used credit in Australia, you will have a credit file.
What’s in your credit file?
Your names, date of birth, drivers licence, gender, residential address and employment history.
Credit applications made
All loans or credit facilities you have applied for in the past few years, regardless of whether you actually ended up opening the facility (e.g. a home loan pre-approval not used).
Current Credit management
How your current credit facilities are being managed, including:
✓The account type.
✓When the account was opened & closed.
✓Two years of loan conduct, which notes whether your repayments have been on time, late or missed.
✓Current credit limit (maximum amount of credit on that facility)
✓Defaults on loans, utilities or telco bills (over 60 days.)
✓Court orders and judgements
✓Insolvency of any business you have or had ownership of.
Things to consider
Every time you apply for a home or investment loan, the lender will complete a credit check, and receive your Credit Report.
We recommend prior to applying for any loan, that we obtain a credit report for you.
This will enable us to check that it is up to date and doesn’t include erroneous entries or defaults that you weren’t aware of.
You can obtain a copy of your own credit file at any time for free, which could take up to 14 days to be sent to you. If you need it quickly, we can access same day reports for a small fee.
The ASIC website, MoneySmart.gov.au has more details on credit files and how to obtain a copy of your own Report.
See our Tips on Adverse Credit History for more information.