About My Credit Report by AliceBegovich


									  Consumer Affairs Victoria
  Financial Services Factsheet

  My Credit Report
  May 2005

 If you have applied for credit in the last five years you will have a ‘credit
 report’. Banks and credit providers check your credit report to see if you have
 had any adverse listings in the past five years. The report may include requests
 for loans, applications for mobile phones and utilities, unpaid debts (including
 bills for utilities), late payments, court judgments and bankruptcy. The Federal
 Privacy Act regulates the kind of information that can be recorded, how long it
 may remain on your report and who can have access to it.

   Need more           What is a credit                   How long is
   information?        report?                            information kept on
   Call Consumer       Your credit report may include     my credit report?
   Affairs Victoria    the following information:         Your report will hold
   Helpline on         • personal details such as name,   information for a period of five
   1300 55 81 81.        residential addresses, date of   years on any credit applications,
                         birth, gender and driver's       accounts overdue by more than
                         licence number                   60 days or court judgments.
                       • credit applications and          Any bankruptcy orders, debt
                         enquiries made during the        agreements (Part IX and X) and
   Quick Tip             past five years                  clearout listings will stay on
                       • a default – this is where an
   Your report will                                       your report for seven years.
                         account is overdue for more
   hold information
                         than 60 days
   for a period of
                       • "Clearout Listings" (called a
   five years on any
                         serious credit infringement)
   credit                happens when a credit
   applications,         provider has unsuccessfully
   accounts              tried to locate you and
   overdue by more       reasonably believes that you
   than 60 days or       have decided not to pay the
   court judgments.      debt
                       • bankruptcy information
                         (including Part IX and Part X
                         debt agreements)
                       • court judgments
                       • public record information
                         such as directorships and

1300 55 81 81
Financial Services Factsheet

Do I have a bad                      How do I change my
credit rating?                       credit report?
Most people don’t know that          If you believe your report is
they have a bad credit report        incorrect and you want to
until they are refused credit by a   dispute the information
bank or credit provider. To find     contained, you can write to the
what is listed on your credit        credit reporting agency and ask
report you must obtain a copy of     them to amend it. If they do not
the report.                          amend it, contact the business
                                     responsible for the incorrect
What should I check                  entry and ask them to have your
in my credit report?                 report amended. Provide copies
• Was the loan 60 days overdue       of supporting documentation
  at the time of listing?            wherever possible.
• Did the credit provider            If you believe your report is
  demand payment from you?           wrong and you are having
• Is the amount of the debt          difficulty having your report
  correct?                           changed, you can complain to
• Was the debt listed more than      the Federal Privacy
  five years ago?                    Commissioner.
• Have you had dealings with all      Federal Privacy Commissioner
  credit providers listed?            GPO Box 5218
• Are any of the overdue              Sydney NSW 2001
  accounts listed more than           1300 36 39 92 (Privacy Hotline)
  once?                               1800 62 02 41 (TTY)
• Are you listed as a “clearout”      privacy@privacy.gov.au
  even though the credit              www.privacy.gov.au
  provider had your correct
  address?                           How do I get a copy
• Was the actual debt more than      of my credit report?
  six years old at the time it was   There are two major agencies
  listed?                            which keep credit reports. They
                                     are Baycorp Advantage Ltd and
                                     Dun & Bradstreet. Most credit
                                     reports for consumers are held by
                                     Baycorp Advantage.
                                     You are entitled to a copy of your
                                     report, at no cost, within ten
                                     working days of your written
                                     request. If you want a copy
                                     sooner, a fee will apply.

                          Page 2 of 4
                                   Financial Services Factsheet

Baycorp Advantage                  Dun & Bradstreet
To obtain your credit report you   (Australia) Pty Ltd
will need to provide Baycorp       Telephone: 132 333 for an
Advantage with the following       application form or download a
information:                       copy from www.dnb.com.au
• Your full name                   Complete the form and send to:
• Your date of birth                 Dun and Bradstreet
• Your driver's licence number       Public Access Centre
• Your current residential           PO Box 7405
  address                            St Kilda Rd VIC 3004

• Your previous addresses if you   Note: If you request your credit
  have moved in the last five      report, your current contact
  years                            details will be made available to
• Your current employer or a       any credit providers who may
  previous employer                access your report.
• Name of the organisation to
  which you last applied for
• A daytime telephone number
• Your signature.

For the free service (within ten
working days):
  Write to: Baycorp Advantage
            Public Access
            PO Box 964
            North Sydney
            NSW 2059
  Or Fax: (02) 9951 7880
If you require a copy of your
credit report before ten working
days (a fee will apply) go to

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Financial Services Factsheet

Date of Issue:
May 2005
                    Further reading                               More information
                    Consumer Affairs Victoria has a
                    range of financial services
                    related fact sheets:                          Information on financial services
                                                                  is available from:
                       • Borrowing money
                                                                  Consumer Affairs Victoria
                       • Comparison rates decoded
                                                                  Victorian Consumer &
                       • Credit cards
                                                                  Business Centre
                       • Dealing with credit problems
                                                                  113 Exhibition Street
                       • Debt collectors: your rights             Melbourne 3000
                         in Victoria                              Telephone: 1300 55 81 81
                       • Finance brokers                          Website www.consumer.vic.gov.au
                       • Investment seminars and get
                         rich quick schemes
                       • Pay day lenders and the
                         Consumer Credit Code
                       • Mortgage minimisation
                       • Must I pay?
                       • Repossession of your goods
                       • Tied contracts
                       • Vendor terms contracts

                    The information contained in this fact sheet is of a general nature only and should not be
                    regarded as a substitute for a reference to the legislation or professional advice.
                    Authorised by the Victorian Government, 121 Exhibition Street, Melbourne, Victoria, 3000.

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