Mar 14 2014
Posted by Adam Beu on 26/03/2015
“How do I check my credit rating” is a question we are sometimes asked here at CANSTAR and with significant changes having recently been made to Australia’s credit reporting system, now is a great time to answer it.
Essentially, obtaining a copy of your credit file requires submitting a written application to one of the three national Credit Reporting Bodies (CRBs) listed on the government website .
You can choose from:
While you can pay upwards of sixty dollars for a one-day turnaround in accessing your report, the companies are generally also obliged to offer you a free copy of your report within ten working days. So the biggest money-saving tip is to not be
in a rush to receive the information!
According to Fiona Guthrie, Executive Director of Financial Counselling Australia (FCA), though – credit reporting bodies can sometimes make it difficult for customers to realize that a free copy is available. The FCA reported a recent website check revealing that the two largest credit reporting agencies in Australia prominently promote access to their fee-based credit reports, but make it much harder to find information about the free option. “Under the new Credit Reporting Privacy Code, credit reporting agencies must make sure that the free option is as available and easy to access as the fee-based service,” said Ms Guthrie. “We look forward to the websites … being updated.”
You can read more about the credit reporting code of conduct here .