Did you know: Most Australians have never checked their credit report?

Authored By Developer

Most Australian adults will look to borrow money or buy something on credit every so often. Whether it is a loan to buy a house, a credit card with which to earn points or a new mobile phone on a post-paid contract, a credit provider will probably want to access your credit report to decide whether you are creditworthy.

Credit providers assess your credit health based on things like income and expenses plus how well you manage your debts. You can keep your credit health strong by making your debt repayments on time and by the due date. Keeping a healthy credit report will make you look better to a credit provider the next time you need to borrow money or buy something on credit.

Everyone has a right to access their credit report for free, once a year, from each credit reporting body. This gives you the opportunity to see what the credit providers are seeing when you apply for credit.

Your credit report contains raw data about your credit history. This credit report data may be condensed by a credit reporting body into a single number called a credit score. This is an indicator of your credit health and can be used to compare you to other borrowers. When you apply for credit, the credit provider will usually get your credit report and may also get your credit score to help them decide whether to lend to you and how much to charge for interest – so it’s important to keep your credit score as high as you can.

This information has been provided by OAIC partner The Australian Retail Credit Association.

Further Resources

www.oaic.gov.au/privacy-law/privacy-act/credit-reporting
www.oaic.gov.au/agencies-and-organisations/business-resources/privacy-business-resource-7