What is on my Finder credit report?

What is your Finder credit file?

Your credit report, or credit file, is a collection of information obtained from credit card providers, banks, mortgage providers and utility service providers that records your borrowing and financial history.

Lenders use this information to assess your eligibility for loans and credit.

What information is in my credit report?

Your credit file contains your financial information, including repayment history, current debt, commercial and personal loans you have applied for and other details that help lenders assess your ability to responsibly manage credit. Here are the details contained in a credit report:

• Personal information. Your name and date of birth, your current address, where you work, your driver's license details and your gender are listed in your credit file.
• Default notes. This is information on any overdue debts you might have, payments you've missed on loans and utility bills and other serious credit infringements.
• Information that is public record. This section will contain any information that is held in the public record including bankruptcy notes, court writs and judgments, personal insolvency agreements and directorship or proprietorship information.
• Consumer credit information. This includes credit applications you've made in the last five years (whether they were approved or not), the type of those credit accounts, such as credit card or personal loans, account open and close dates, the credit limit of the accounts, your monthly repayment history on credit accounts and details on overdue accounts.
• Commercial credit information. Details of credit enquiries you may have made for commercial purposes and overdue commercial credit accounts are included in this section.
• Joint applicants. If you've applied for any loans or credit cards as a joint borrower this will be listed on your report.

How long is information recorded on my credit file?

Following the introduction of comprehensive credit reporting, both positive and negative listings are recorded by credit providers. However, it is the negative listings such as bankruptcies and overdue accounts that will be listed on your file for longer and impact your ability to access credit. Use the following as a guide for how long listings will appear on your file:

Type of listing	Number of years it's listed	Description
Payment history information	2	Monthly repayment history information on active credit accounts.
Credit enquiries	5	Applications made to utility companies, banks or lenders for services or credit products (whether approved or not).
Overdue accounts listed as a payment default	5	Overdue accounts of $150 or more that is 60 days or more overdue.
Writs and summons	5	An invitation to appear in court to settle a debt. A writ is similar to a summons but is for a higher court.
Court judgements	5	Once you've been through the court process the court judgement will remain on your credit file for 5 years.
Bankruptcy information	5	If you enter into bankruptcy it will be removed from your file two years from the date you're discharged or five years from the date you became bankrupt, whichever is later.
Overdue accounts listed as a clearout or serious credit infringement	5-7	Overdue accounts in default where the credit provider hasn't been able to contact you for 6 months. Can be listed for 7 years from the time they're listed but drop back to 5 years as a default listing once it's paid.

What should I check in my credit file?

When you order your credit file you should go through the following details:

• Personal information. Ensure all of your personal details are correct. This is to limit the chance of identity theft or being rejected for credit because of a misspelt first name.
• Account details. Check that all your current credit accounts are listed correctly, including details about your credit limits and repayments when applicable. If some of this information does not look correct, see below for details of how to get it updated.
• Incorrect defaults. Credit reporting agencies or lenders might list a default incorrectly into your file. A default could be listed twice or you could have a default listed for an account you paid on time. If you find an incorrect default talk to the credit reporting bureau first, then if that doesn't rectify it you should contact the credit provider. A full process for dealing with incorrect listings is outlined below.

How can I deal with incorrect listings?

1. Contact Experian first. It may be able to remove it or contact the credit provider on your behalf to have it removed. If not;
2. Contact the credit provider that listed it and explain why the listing is incorrect. The credit provider should have a dispute resolution team or process in place. You can also contact the Financial Ombudsmen Service or the Credit and Investments Ombudsmen. If that doesn't rectify it;
3. Contact the Privacy Commissioner. This should be the last stop if the provider's dispute resolution scheme fails to rectify the issue. You only have 12 months from the date you became aware of the issue to file a complaint.