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Credit ratings

Individuals in Australia do not have a formal credit rating. However, information about your borrowing and credit history is collected by a number of agencies. These agencies are called credit reporting agencies.

There are restrictions on the kind of information a credit reporting agency can hold, and on what they can do with it. You can expect that the information will include:

  • identifying information – such as your name, address(es) on record, date of birth and driver’s licence number

  • details of any applications you have made for credit, even if these did not go ahead. These could include applications for loans, credit cards, mobile phones and interest-free purchases. Too many applications for credit is a reason used by some credit providers to refuse you credit

  • details of some current credit accounts

  • court orders against you in the last five years, and any bankruptcy records for the last seven years

  • any bad debts (debts that are more than 60 days overdue) reported to the agency by its members and subscribers (mostly credit providers). If the debt is paid after being reported, the creditor must report this.

Your credit report must not include any potentially discriminatory information about income, criminal records, medical history, disabilities, race or ethnicity, sexual preferences, lifestyle, character, reputation or political, social or religious beliefs.

Accessing your credit report

You can apply to the agency for a copy of any information about you. You can correct that information if it is wrong or no longer current.

Be aware that the agency will update its records from the information that you supply in your application, and that your address and other information will then be available to other subscriber members.

The main credit reporting agency is known as Veda Advantage (previously known as Baycorp Advantage), but there are others. You can get a copy of your credit report from Veda Advantage's My Credit File website (link below). You can pay to get access to your credit file online, or request that a copy be sent to you for free (this takes about 10 working days).

If you have been refused credit based on a credit check, the credit provider must give you the name of the agency supplying the information.

Privacy

If a credit provider or credit reporting agency collects, stores, uses or discloses information in breach of the Commonwealth Privacy Act 1988 (link below) you can ask the Privacy Commissioner to investigate.

If the Privacy Commissioner finds there has been a breach, the credit provider or agency must deal with your complaint. It will also be told to change its practices and may receive a heavy fine. See ‘Privacy and freedom of information’ (link below).

Can my record be checked without my permission?

Your credit report can only be looked at by a credit provider, and only with your agreement. However, the credit provider does not need your agreement each time your record is looked at, as long as you have been told this could happen.

Credit providers generally include this information with your first application for credit.

You can refuse to agree to a credit check when applying for credit, but you will be unlikely to get your credit.

More information

Privacy and freedom of information

Related websites

Veda Advantage – My Credit File

Related legislation

Privacy Act 1988 – Commonwealth

How we can help

Call Victoria Legal Aid’s (VLA) Legal Information Service for free information over the phone about the law and how we can help you with your legal problem. You can speak to a legal information officer in English or ask for an interpreter. Phone (03) 9269 0120 or 1800 677 402 (country callers), Monday to Friday from 8.45 am to 5.15 pm.

VLA’s other free legal services include:

  • advice at VLA offices and other locations across Victoria
  • lawyers who are on ‘duty’ to help at many courts and tribunals.

For some matters we can provide you with a lawyer to help you run your case.

To find out more about any of our legal services see What we do.

Who else can help?

See Getting help with financial problems for details of free financial counselling services in your area and other organisations that can help you.