What Is A Credit Check?
Credit checks are also known as ‘credit history checks’ or ‘credit reference checks’. Lenders carry out credit checks when individuals or businesses apply for a line of credit.
This includes applications for:
- credit cards
- personal loans
- mobile phone plans
- store cards
- rental leases
In Australia, lenders (such as banks and credit card companies) usually contact an independent credit bureau (such as Equifax) to access a credit file or credit report.