You & Your Credit File

Your credit file includes information on your credit history, including overdue debts, lenders you have previously approached for credit and, if you’ve been shopping around for products, applications for quick loans. Credit files contain national data, which means, for example, that a Queensland-based lender could see credit applications that you have made in NSW.

In Australia your credit file doesn’t state whether your credit history is considered ‘good’ or ‘bad’. It simply records credit bureau data, which is then independently reviewed by a lender. Sometimes instant approval can then be granted, depending on the lender’s policies and procedures.

2 Comments
  1. Daiman 4 years ago

    There are a number of credit agencies in Australia.
    The most common one used is Veda for both Consumer lending, Credit cards, personal loans, car loans, Home Loans and Services such as utilities, mobile phone contracts, power and gas connection and cable TV services. it will also include commercial enquires for business finance and leases.
    Others include Dun & Bradstreet, Experian, Tasmanian Collection Service, Credit Savvy (part of Commonwealth Bank).
    You are allowed a free credit report once each year, normally getting a report from Veda will cover most lenders.
    Getting a Credit report before you get a loan is a good idea, as any negative report will stop most big lenders from approving a loan application.
    There are some lenders that will still accepting a loan application for people with some minor defaults, and depending on the whole loan scenario, some will accept larger defaults.
    **** WARNING**** don’t keep applying for credit if you are declined, each additional loan enquiry has a negative impact on your credit rating.
    As a Mortgage broker, my recommendation, try to avoid personal lending, but where it must be used, buying a car or house, approach a broker like myself, it normally costs you nothing and gives you a choice of loans, while only needing to approach and deal with one person.

  2. Lulu Beverly Tulisi Carl 11 months ago

    If you have bad credit in New Zealand, does it follow you to Australia?

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