If you're worried about identity theft (and why wouldn't you be), credit report monitoring is one of the best ways to protect yourself.
31% of Australians have been the victim of identity theft, according to data from the Australian Cybercrime Survey,1 and 80% of us have received a scam call or message in the last year, according to Finder research.2
Credit monitoring services can automatically alert you to changes to your credit report and credit score to help ensure the accuracy of your credit report and catch any mistakes or suspicious activity as soon as possible.
What is a credit monitoring service?
A credit monitoring service notifies you of changes to your credit report. Mistakes on your credit report, such as errors with your name and address, incorrectly-listed defaults or accounts that have been taken out in your name illegally or incorrectly can damage your credit score and make providers see you as a bad credit risk.
There's two main reasons a credit report monitoring service can be handy:
Helping you keep your credit score as high as possible. Having a good credit score can improve your chances of getting approved for loans and credit cards.
Protecting your from identity theft. A suspicious entry on your credit report can often be the first sign you've been the victim of a data leak or identity theft. Credit monitoring will give you the early heads up and help you get on top of it.
Our expert says: How can I tell if I've been the victim of identity theft?
"The earliest sign that you may have been the victim of identity theft is a change in your credit score that you didn't expect."
If you've ever taken out a financial product, chances are you'll have a credit file where all your credit history and personal information is listed.
Every time you apply for credit (including things like BNPL and utilities), credit providers update your file, listing any infringements or current debts you have.
Comprehensive Credit Reporting (CCR) means that the payments you've made, and whether you've made them on time, are also listed on your report.
Credit monitoring services let you stay informed of all changes in your credit report as soon as they happen.
Here's a brief overview of some monitoring services:
Finder's free credit report service. You can check your full credit report and credit score for free with finder and check it at any time on your finder dashboard, we'll alert you anytime something on your report changes and will send you an updated credit score every month. Get your free credit report and score here.
Equifax alerts. Equifax offers tiered packages with different levels of service, including monitoring services. With Equifax access, you get credit alerts so you receive an email when certain changes, including credit inquiries, happen on your file. The Equifax ID package gives you credit alerts as well as Identity Watch, which will alert you if your details may have been compromised online.
illion Data Registries credit alerts. illion offers credit alerts that will notify you of any change on your file and will email you a copy of your report. ID check alerts you to changes in the personal details of your credit report and when a new credit application is made in your name.
What's actually on my credit report?
Personal information. This includes your current address, work history, name, date of birth and your driver’s licence number.
Default notes. Details of overdue accounts, current debts and repayments being made, missed payments and serious credit infringements.
Credit information. This includes listings of past credit inquiries, credit cards held with different providers, any loans you've held with different lenders, utility accounts and the monthly repayment history on all current debts.
Public record. Information held under public record including writs and judgments, bankruptcy and insolvency notes, directorship information and any debt agreements.
Joint applicants. This section holds information about any credit accounts you jointly hold with another party.
What changes will be picked up by a credit monitoring service?
These are the things that can be picked up by a credit monitoring service:
New credit enquiry. If you apply for a new utility account, loan or credit card, this will appear on your report, regardless of whether you're approved or declined.
Credit limit increase or decrease. All credit limit changes are listed on your report. For example, if you request a credit limit increase on your credit card to make a large purchase.
Existing credit account added. If your existing credit issuer starts reporting to a credit reporting bureau, it will begin showing up on your credit report. For example, if you've had a mobile plan for years and the telco just started to report data to Experian.
Your repayment history. Your repayment history, both on time and late, will be detailed on your credit report.
New and cancelled credit accounts. From applying for a new personal loan to closing an old credit card, these account changes will be listed on your report.
Defaults. If you have an overdue account of $150 or more that's delayed for 60 days or longer, it will be listed as a default. Whether it's paid, settled, increased or decreased, it will remain on your report for 5 years.
Serious credit infringements. If you have overdue accounts and haven't made contact with your provider in six months, any amount owing will be classified as a serious credit infringement. This could happen if you fail to pay your bills or haven't seen correspondence from your credit issuer because you've moved and haven't updated your details. Even if you pay it, these will remain on your report for seven years.
Bankruptcy. If you've declared bankruptcy or your bankruptcy status has changed (for example, the bankruptcy you declared five years ago has been removed from your report), you'll see a change on your credit report.
Court judgements. If a court judgement is added, paid, discontinued or set aside, it will be listed on your report. For example, a court ordering you to pay your credit provider what you owe them, including any fees, interest and penalties, will appear on your report.
How do I get a copy of my credit report?
There are a few different ways of getting your credit report:
Firstly, you can get your full credit report for free with Finder. You'll be able to receive your credit report and score, provided by Experian, within a few minutes and it will be accessible any time through your finder account. You'll be notified whenever something on your credit report changes and you'll also receive your credit score, which is updated every month.
You're also able to order a free copy of your credit report once a year from any of the main credit reporting agencies. If you reside anywhere in Australia you can order your file from Equifax or illion (formerly Dun & Bradstreet). You can also order your credit report if you've been rejected for credit in the previous 90 days or if you've requested a correction in your credit report.
Why is it important to check my credit report?
Monitoring your credit report is the best way to protect your credit and identity. A good credit history means you can get credit should you need to. You should proactively check your credit report regularly or subscribe to a monitoring service to be alerted to updates of your credit report. Staying up-to-date with what's on your credit report helps to:
Protect yourself from identity theft.
Identify and order corrections for any incorrect listings. See our guide to removing invalid marks from your credit report for more tips.
Understand how your credit score looks and what may be affecting your credit rating.
How knowing your credit score could protect your identity
Frequently asked questions
Credit monitoring may be useful if you've been the victim of a data leak or identity theft, or are worried about your personal data and financial information being used without your permission.
Some providers offer some form of free credit report monitoring like Finder, Experian and illion. Other providers like Equifax charge $9.95 a month for its monitoring service.
Most monitoring services alert you within a day of a change occurring in your credit report, allowing you to keep track of your accounts, credit inquiries and default notes. Should fraudulent listings appear, your monitoring service would immediately alert you, ensuring that you respond in time to stop the fraud and mitigate the damage.
Subscribing to a monitoring service means you will be notified of changes or additions to your credit report. Monitored information may include your personal details, consumer or commercial credit enquiries, court judgments or overdue accounts.
Tom Stelzer is a publisher and writer for Finder, covering investing and cryptocurrency.
He previously worked for Finder as a writer in Australia and the UK, covering things like personal finance, loans, investing, insurance as well as small business and business loans.
He has a Master of Media Arts and Production and Bachelor of Communications in Journalism from the University of Technology Sydney. See full bio
Placing a ban on your credit report can help to protect you from fraud. Here's how to request and extend bans with Experian, Equifax and ilion in Australia.
Interest-free payments platforms such as Afterpay, Openpay, zipMoney and zipPay are convenient credit products, but still credit products. Find out how they affect your credit score.
Get a copy of your personal credit file or give your business a competitive edge with data-driven marketing solutions from illion (formerly Dun & Bradstreet).
Thanks for getting in touch with Finder. I hope all is well with you. :)
You can obtain your free credit score through Finder using a valid Australian driver’s license or passport. You can follow the instructions on the page.
I hope this helps. Should you have further questions, please don’t hesitate to reach out again.
Have a wonderful day!
Cheers,
Joshua
KayJune 28, 2018
I received I received a message telling me my credit score/rating had changed, but I cannot see any changes on my record. Why have I received this message? Thank you
JoelJune 29, 2018
Hi Kay,
Thanks for leaving a question on finder.
If you’re concerned whether a message is genuine, you can forward it for verification to a trusted contact, such as a customer service rep at the organization that claims to have sent it. It will never hurt to ask. And if you’ve receive a call or email you think is a scam, report it to the Australian Criminal Intelligence Commission.
Hope it helps,
Joel
orlynMarch 30, 2016
how can i view credit copy? which I’ve already paid $79.95 last december… thanks
Finder
ElizabethMarch 30, 2016Finder
Hi Orlyn,
You can login to your online Veda account through Veda’s website to get access to your credit report – the $79.95 package gives you access to one credit file per year.
I hope this has helped,
Elizabeth
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What is my credit score?
Hi June,
Thanks for getting in touch with Finder. I hope all is well with you. :)
You can obtain your free credit score through Finder using a valid Australian driver’s license or passport. You can follow the instructions on the page.
I hope this helps. Should you have further questions, please don’t hesitate to reach out again.
Have a wonderful day!
Cheers,
Joshua
I received I received a message telling me my credit score/rating had changed, but I cannot see any changes on my record. Why have I received this message? Thank you
Hi Kay,
Thanks for leaving a question on finder.
If you’re concerned whether a message is genuine, you can forward it for verification to a trusted contact, such as a customer service rep at the organization that claims to have sent it. It will never hurt to ask. And if you’ve receive a call or email you think is a scam, report it to the Australian Criminal Intelligence Commission.
Hope it helps,
Joel
how can i view credit copy? which I’ve already paid $79.95 last december… thanks
Hi Orlyn,
You can login to your online Veda account through Veda’s website to get access to your credit report – the $79.95 package gives you access to one credit file per year.
I hope this has helped,
Elizabeth