Quick answer
In Australia you can request a free copy of your credit report from each of the main credit reporting bodies. Reports show personal details, credit accounts and repayment history, credit enquiries, defaults, court judgments and insolvency information. Checking your own report does not affect your score. Reviewing it before applying lets you correct errors, prepare explanations and understand how lenders will see you.
Key points
- Free reports are available from each main credit reporting body.
- Checking your own report does not affect your score.
- Look for errors, unknown accounts and outdated listings.
- You can request corrections of inaccurate information.
Most business owners never look at their credit report until a lender tells them something is wrong. By then it is too late to fix errors or prepare an explanation before the decision. Checking your report beforehand takes a little time and costs nothing, and it is one of the most practical things you can do before applying for business finance.
Who holds your credit information
Australia has several credit reporting bodies, each holding its own records. Lenders may use one or more of them. Because information and scoring can differ between them, it is worth checking each before a significant application. The OAIC website explains who they are and how to contact them.
Getting your free report
You have the right to access your credit report for free, including at regular intervals and in certain circumstances such as after being declined for credit. The OAIC sets out your rights. Requests are usually made online with identification. Checking your own report does not count as a credit enquiry by a lender and does not affect your score.
What is on your report
Personal details. Name, date of birth, addresses, driver licence and sometimes employer. Check these carefully; mismatched details can cause problems.
Credit accounts. Consumer credit such as credit cards, home loans, car loans and personal loans, with limits and account dates.
Repayment history. Whether repayments on consumer credit were made on time, generally for the past two years.
Credit enquiries. Applications for credit, generally kept for five years.
Defaults. Overdue debts of a certain size that have been listed, generally kept for five years, and marked as paid if settled.
Court judgments and insolvency. Judgments, bankruptcies and personal insolvency agreements.
Credit score. Many reports include a score calculated by the reporting body.
The OAIC explains what information can be included and how long it stays.
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Reading it like a lender
When reviewing your report, ask the questions a lender would:
- Are there recent late payments? A pattern is more concerning than a one-off.
- How many recent enquiries? Several in a short period can suggest you are applying widely.
- Are there defaults, and are they paid? Paid and older is better than unpaid and recent.
- Are there judgments or insolvency records? These carry significant weight.
- How much credit is available and used? High balances near limits suggest pressure.
Spotting errors
Errors are more common than people expect. Look for:
- Accounts you do not recognise, which could indicate fraud or a mix-up with someone else.
- Defaults you believe were paid but are not marked as paid.
- Incorrect amounts or dates.
- Enquiries you did not make.
- Outdated listings that should have been removed.
Correcting errors
If you find inaccurate information, contact the credit reporting body or the creditor that listed it and ask for a correction. Provide evidence where you can. The OAIC explains your rights and what to do if a correction is refused. Correcting errors before you apply can make a real difference to how your application is assessed.
Preparing explanations
For accurate but negative information, such as a past default or late payments during a difficult period, prepare a short explanation: what happened, when and what has changed. Give it to your lender upfront. A clear explanation is far more effective than leaving an assessor to guess. See business loans with defaults.
Business credit files
Businesses can also have commercial credit files, which may include commercial credit enquiries, payment defaults reported by suppliers and court actions. For most small businesses, lenders check both the business file and the owners’ personal files. See business credit scores explained.
Protecting your report going forward
- Pay every bill on time, including small ones.
- Avoid unnecessary credit applications.
- Keep credit card balances well below limits.
- Check your report periodically for fraud or errors.
- Tell creditors when you move house so notices reach you.
Our guide to improving your business credit profile has more.
Watch for identity theft
Unfamiliar accounts or enquiries on your report can be a sign that someone has used your identity to apply for credit. If you see anything you do not recognise, act quickly: contact the credit reporting body and the creditor, and consider requesting a ban on your credit file while you investigate. Identity theft can damage your credit for years if left unchecked, so a regular review of your report is good protection as well as good preparation for borrowing.
How often to check
At a minimum, check your reports before any significant credit application, and once a year otherwise. If you have had credit problems or suspect fraud, check more often. Set a calendar reminder so it becomes routine rather than something you only think about when a lender raises it.
Positive information helps too
Australian credit reports include repayment history information, which means on-time payments count in your favour, not just negative events. If you have had problems in the past, a long run of on-time repayments since is visible evidence that things have changed. When reviewing your report, look at how recent your positive history is as well as any negative entries; lenders often weigh the two together.
Credit reports for business partners and directors
If your business has more than one owner or director, lenders will usually check each person who guarantees the loan. One partner’s credit problems can affect the application even if the others have clean files. Before applying, ask each guarantor to check their own report and share anything that might need explaining. It is much better to know about an issue in advance and present it openly than to discover it halfway through an assessment.
Hardship information
Australian credit reports can include information about financial hardship arrangements on some consumer credit accounts. If you have entered a hardship arrangement, it may appear on your report for a period. It is designed to show that a repayment arrangement was agreed rather than missed, which lenders may view differently from late payments. If you see hardship information, be ready to explain the circumstances and how they were resolved.
An illustrative example
An illustrative salon owner requested her reports before applying for funding and found a default for a phone account she had closed and paid years earlier, still showing as unpaid. She sent the creditor proof of payment and the listing was updated. Her application went ahead with a clean explanation and no surprises.
Know your file before the lender does
Checking your report puts you in control. When you are ready, tell us what you need. There is no credit check to enquire, your details are not shared with a crowd of lenders, and a real person reads every enquiry. Apply now.
Frequently asked questions
How many credit reporting bodies are there?
There are several in Australia, and each may hold slightly different information. It is worth checking each one before a significant application.
How often can I get a free report?
The OAIC explains your rights to free access, including how often and in what circumstances. Generally you can access your report free at least once every few months and in certain other situations.
What if there is an error?
Contact the credit reporting body or the creditor that listed the information and ask for it to be corrected. The OAIC explains the process.
Do business credit files differ from personal ones?
Yes. Businesses can have commercial credit files. For small businesses, lenders usually check both the business and the owners' personal files.
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