Credit Check

If you are looking to apply for a credit or loan product, or open an account, it is really important to know where you stand as a borrower.

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Credit Report

A Credit Report is sometimes referred to as a credit file. They are effectively the same thing. Fix Bad Credit will refer to it as a Credit Report. Your Credit Report includes information that assists the credit provider when making the decision to do business with you. That information is needed to identify you: name (including other names that you use); birth date; current and two previous addresses; current or last known employer’s name; driver’s license number (if you have one).

Your Credit Report also contains information about your credit history – that is, how you have dealt with other financial agreements you have entered into with other credit providers. This is very important information as it tells the new credit provider how you’ve treated and managed those agreements. The best indicator of future behaviour is the previous behaviour. This allows the credit provider to gain some measure or indication about what they can expect if they had an agreement with you.

Your Credit Report provides the lenders with information on you, that helps them access the level of risk they are exposing themselves to by doing business with you, and contributes to the decision of if they approve or reject your account application.

Credit Score

A Credit Score is sometimes referred to as credit rating. They are effectively the same thing. Fix Bad Credit will refer to it as Credit Score. Your Credit Score is a number that gives an indication to lenders of how trustworthy you are as a borrower. It is calculated based on information in your Credit Report, including, but not limited to how much money you have borrowed, your repayment history and the number of applications for credit or loan products you have made. We strongly recommend you check your Credit Score regularly. If you do have a low score, there are steps you can take to help improve it and potentially increase your chances of getting approved for credit or a loan. Lenders use your Credit Score (or credit rating) to decide whether to give you credit or lend you money. Knowing this can help you negotiate better deals, or understand why a lender rejected you.

Your Credit Score predicts how likely you are to record a default or other adverse information like a court judgement or personal insolvency in the next 12 months compared to the average credit-active Australian. If you have a below-average or average Credit Score you are more likely to have adverse information recorded and if your Credit Score is good, very good or excellent, it predicts you are less likely compared to the average credit-active Australian. Your Credit Score is based on personal and financial information about you that’s kept in your Credit Report. You have the right to access your Credit Score and Credit Report for free.

How Do I Get My Credit Score/Report?

Proof of identity.

The information provided on your Credit Score, and in your Credit Report is sensitive, and private information. Australia has a privacy act, which protects personal information being accessed by those that aren’t authorised to do so. Most companies have a varied way of identifying who you are before they release your information. They all similarly work an identification and points process similar to that below.

If you’re over 18 and you currently have credit products or have borrowed money before, Credit Reporting bodies (CRBs) are likely to hold a Credit Report on you. To order your free Report, you need you to provide information on who you are. It is common to be required to provide a minimum of 100 Points of Identification (ID) and Proof of Address from the list below:

  • Minimum of ONE (1) document from Group A (must be photo ID) AND
  • Minimum of ONE (1) document from Group B AND /OR Group C
Primary Group A Points Secondary Group B Points Secondary Group C Points
Driver license issued by an Australian State or Territory 40 Medicare card issued by Health Insurance Commission 25 Utility bills (e.g. phone, electricity or gas) 20
Roads and Maritime Services (Formerly RTA) photo card 40 Credit card or debit card issued by a financial institution in Australia 25 Australian Mortgage Document (current address) 25
Proof of Age Card (Government issued) 40 Australian Marriage Certificate (Australia Registry issue only) 25 Property rates notice 25
Government employee ID (Australian Federal/ State Territory) 40 Change of Name Certificate (Australian Registry only) 25 Bank or credit card statements showing your current residential address 25
Current Australian Tertiary Education Institution Photo ID 40 Taxation Assessment Notice 25 Property lease agreement 25
Defence Force Identity Card (with photo) 40 Centrelink card issued by Centrelink 40
Foreign passport (current) 70 Department of Veterans Affairs card issued by DVA 40
Australian passport (current) 70 Working with Children / Teacher’s Registration Card 40
Australian passport (current) 70 Full Birth Certificate (not a Birth Certificate extract) 70

Get Your Credit Score For Free

You can get your Credit Score for free from an online Credit Score provider, usually within minutes. When you sign up, you agree to their privacy policy, which lets them use your personal information for marketing. You can opt-out of this after you sign up. Avoid any provider that asks you to pay or give them your credit card details.

How your score is calculated

Your Credit Score is calculated based on what’s in your Credit Report. For example, the amount of money you’ve borrowed the number of credit applications you’ve made whether you pay on time Depending on the Credit Reporting agency, your score will be between zero and either 1,000 or 1,200.

The score relates to a five-point scale (excellent, very good, good, average and below average). This helps a lender work out how risky it is for them to lend to you. A higher score means the lender will consider you less risky. This could mean getting a better deal and saving money.

Get Your Credit Report For Free

If you’ve ever applied for credit or a loan, there will be a Credit Report about you. It’s worth getting a copy of your Credit Report once a year. You can do this for free if you can wait 10 days to get it.

You may have to pay if:

you want a copy in less than than 10 days
you ask for more than one copy in a year
Contact these Credit Reporting agencies for a copy of your Credit Report:

  • Equifax
  • CheckYourCredit (illion)
  • Experian

Please note: You may have a Credit Report with more than one agency, and they may contain different information.

Fix Bad Credit are approved access seekers to all three Credit Reporting agencies. That allows us to request, and receive the Credit Reports on behalf of our clients. Once we have the Credit Reports our experienced team can then carry out a credit review for you.