Credit Report Guide

Want to know more about your personal finances? One way you can see your credit history is to view your credit report or file. Your credit report contains your credit history and is made up of a range of personal information and repayment details for credit accounts you’ve previously applied for.

Understanding your credit report will give you the upper hand when applying for credit in the future as you will know whether the lender will view your application in a positive or negative light. In the past, uncovering information from your credit report was a time-consuming task. Now, with SocietyOne, checking your credit score takes a matter of minutes and will not affect your current credit score.

Read on to discover what a credit report is, what information to expect within it and how you can see your own credit report or file with SocietyOne.

What is a credit report or file?

A credit report, sometimes called a credit file, is a record of your credit history. Your credit file contains important information that lenders will use to assess your application for a loan, such as credit cards you’ve applied for, accounts you may have defaulted on, any personal loans or home loans you may have, as well as any information about you that is publicly held, such as court judgements.

What info is included in my credit report?

SocietyOne partners with Experian, an official Credit Reporting Body (CRB) in Australia, to provide you with your credit score and information. The credit information presented by SocietyOne is an extract of your Experian credit report, based on what SocietyOne believes to be the most relevant information for you. This information has been packaged and translated into easy-to-understand insights so you can learn exactly where to improve your score to increase your chances of getting credit approval or a better deal.

How long is this information held on my report?

In order to get a complete view of your credit history, information regarding your payment history will be kept in your credit report. Below is a table outlining the general length of time certain information about you will be held on your credit report:

Personal Information
Type of Information Held
Number of Years Held
Payment History
Monthly repayment history on account.
Overdue accounts listed as default.
Overdue accounts of $150 or more that have been unpaid for 60 days or more.
Overdue accounts listed as a serious credit infringement
Overdue accounts that are in default where the lender has not been able to reach you for six months or more. Will be listed for five years if paid, seven if left unpaid.
5 - 7
Writs and summons.
A court summons or writ in your name.
Credit enquiries
Applications made in your name to utility companies, banks or lenders for services or credit products.
Bankruptcy/ Insolvency information
Bankruptcy information will be removed from your file two years from the date you are discharged OR five years from the date you became bankrupt, whichever is later.

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Credit Enquiries & Repayment History

A credit enquiry may be included in your credit report if a lender conducts a credit check on you when you are applying for credit. This will be listed on your credit report as a credit enquiry.

A credit enquiry may include:

Credit enquiries can impact your overall credit score negatively depending on the type of credit applied for and the number of enquiries made. One of the biggest things you can do that can negatively impact your credit score is making lots of applications in a short period of time. This will result in a number of credit enquiries appearing on your credit report. A better way to shop around for deals without impacting your score is to request a rate quote. Get a rate estimate without affecting your credit history here with SocietyOne. You can also check out loan rates and fees from SocietyOne and other websites to compare before you apply.

Defaults on your credit file

A default is reported by your credit provider or lender and will be listed on your credit report if you have an overdue debt of $150 or more that is more than 60 days overdue. Before listing your account as having defaulted, the lender must send two written notices to your home address, with the first letter requesting payment and the second outlining an intention to list the payment as a default.

When looking into your credit application, credit providers will look at applicants with a history of overdue accounts unfavourably, so it’s important to keep on top of your repayments. Defaults can stay on your credit file for five years, even if you have paid back the overdue amount in full. If you pay back the overdue amount, the status of the default will be changed to paid, but the default will remain on your file.

What should I do if I have questions or see something that is not looking quite right?

From time to time, people may find something on their credit file that doesn’t look quite right. For example, the information may not match your profile or some accounts or credit information may be missing or duplicated. Incorrect information on your credit report can affect your credit score, so it’s a good idea to follow up any questionable entries and ensure your credit information is up to date. You can:

How do I get my credit report?

Want to know where you stand financially? Get your free credit report with SocietyOne and find out your credit score today. Knowing your credit score can save you money and get you a better deal. Reach your financial goals and know more before you apply for a personal loan. Once you have your credit score, why not try our personal loan rate estimator to see what your monthly repayments could look like.

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