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 information?
Call Consumer Affairs Victoria Helpline on 1300 55 81 81.
What is a credit report?
Your credit report may include the following information: • personal details such as name, residential addresses, date of birth, gender and driver's licence number • credit applications and enquiries made during the past five years • a default – this is where an account is overdue for more than 60 days • "Clearout Listings" (called a serious credit infringement) happens when a credit provider has unsuccessfully tried to locate you and reasonably believes that you have decided not to pay the debt • bankruptcy information (including Part IX and Part X debt agreements) • court judgments • public record information such as directorships and proprietorships.
How long is information kept on my credit report?
Your report will hold information for a period of five years on any credit applications, accounts overdue by more than 60 days or court judgments. Any bankruptcy orders, debt agreements (Part IX and X) and clearout listings will stay on your report for seven years.
Quick Tip
Your report will hold information for a period of five years on any credit applications, accounts overdue by more than 60 days or court judgments.
www.consumer.vic.gov.au 1300 55 81 81
Financial Services Factsheet
Do I have a bad credit rating?
Most people don’t know that they have a bad credit report until they are refused credit by a bank or credit provider. To find what is listed on your credit report you must obtain a copy of the report.
How do I change my credit report?
If you believe your report is incorrect and you want to dispute the information contained, you can write to the credit reporting agency and ask them to amend it. If they do not amend it, contact the business responsible for the incorrect entry and ask them to have your report amended. Provide copies of supporting documentation wherever possible. If you believe your report is wrong and you are having difficulty having your report changed, you can complain to the Federal Privacy Commissioner. Federal Privacy Commissioner GPO Box 5218 Sydney NSW 2001 1300 36 39 92 (Privacy Hotline) 1800 62 02 41 (TTY) privacy@privacy.gov.au www.privacy.gov.au
What should I check in my credit report?
• Was the loan 60 days overdue at the time of listing? • Did the credit provider demand payment from you? • Is the amount of the debt correct? • Was the debt listed more than five years ago? • Have you had dealings with all credit providers listed? • Are any of the overdue accounts listed more than once? • Are you listed as a “clearout” even though the credit provider had your correct address? • Was the actual debt more than six years old at the time it was listed?
How do I get a copy of my credit report?
There are two major agencies 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
To obtain your credit report you will need to provide Baycorp Advantage with the following information: • Your full name • Your date of birth • Your driver's licence number • Your current residential address • Your previous addresses if you have moved in the last five years • Your current employer or a previous employer • Name of the organisation to which you last applied for credit • 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 www.mycreditfile.com.au
Dun & Bradstreet (Australia) Pty Ltd
Telephone: 132 333 for an application form or download a copy from www.dnb.com.au Complete the form and send to: Dun and Bradstreet Public Access Centre PO Box 7405 St Kilda Rd VIC 3004 Note: If you request your credit report, your current contact details will be made available to any credit providers who may access your report.
Page 3 of 4
Financial Services Factsheet
Date of Issue: May 2005
Further reading
Consumer Affairs Victoria has a range of financial services related fact sheets: • Borrowing money • Comparison rates decoded • Credit cards • Dealing with credit problems • Debt collectors: your rights in Victoria • Finance brokers • 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
More information
Information on financial services is available from: Consumer Affairs Victoria Victorian Consumer & Business Centre 113 Exhibition Street Melbourne 3000 Telephone: 1300 55 81 81 Website www.consumer.vic.gov.au
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.
FS-17-01
Page 4 of 4