Your Credit Report

Your credit report contains your personal details relating to your credit worthiness. The main two credit reporting agencies in Australia are: Baycorp Advantage Dun and Bradstreet The agencies collect your personal details from financial services providers when you apply for: A home loan Personal loan Credit card Store card Telephone account The process of collecting information When you apply for a home loan you must always complete a loan application form. You must also sign the Privacy Consent & Disclosure statement contained in the application. Once signed you authorize the lender to view your credit record and share your financial details with a credit reporting agency under the provision of The Privacy Act 1988 (Act). This process helps the lender assess your credit worthiness. Late payments and other defaults listed on your credit record will affect the lender's decision making process. What information is on your credit report? The following details are contained in your record: Personal details - Name, current and past addresses, employment history, your date of birth and driver's licence number Credit applications - Name of lender applied to, type of loan, amount of loan Credit defaults - All your payments that are 60 days or more overdue The credit listing on your record are kept for a maximum period of 5 years. You have a right under The Privacy Act 1988 (Act) to view your credit record by making a written request to the credit reporting agency. You also check that all details on the report are correct. The request is usually supplied for free. However, a small fee may apply in some circumstances.