If you find incorrect details on your credit report, such as unfamiliar credit enquiries, you can ask for them to be removed. Doing so will make your credit report more accurate and can help improve your credit score.
However, it's not possible to remove correct enquiries and listings from your credit report and the details on your credit report will typically be listed for between 1 and 7 years in Australia.
For example, normal credit enquiries (like applying for a credit card) will remain on your report for 5 years, while serious infringements can stay there for 7 years.
| Type of enquiry | How long it stays on your credit report |
|---|---|
| Serious credit infringement | 7 years |
| Bankruptcy | 5 years* |
| Court judgement | 5 years |
| Credit enquiry | 5 years |
| Debt agreement | 5 years** |
| Default | 5 years |
| Current credit obligation | 2 years |
| Repayment history | 2 years |
| Financial hardship information | 1 year |
*Bankruptcies will remain on your credit report for 5 years, but will disappear after 2 years from the point you are no longer bankrupt.
**Debt agreements will be removed from your credit report 2 years after they have been terminated, declared void or ended.
See what's on your credit file by checking your free detailed credit report with Finder. You can confirm what enquiries are still on your report and the date they were added.
You can't remove a legitimate enquiry from your credit report. In most cases, credit enquiries will be listed for 5 years before they are automatically removed from your report.
You can only get incorrect or inaccurate details removed from your credit report at a different time. Some examples of when you could request a correction include:
"While you can't get genuine inquiries removed from your credit report, chances are there's an error on your credit file that could improve your credit score if you get it removed. According to Credit Repair Australia, 70% of Australian credit reports have an error. Even a simple error like an incorrect address could be stopping you from getting approved for credit."
You can get a free copy of your credit report and score through Finder every month. You can also request a copy of your credit report directly with each of the credit reporting bodies in Australia (Finder gets its details from Experian).
Go through the details on your report and note down any that are incorrect or unfamiliar. This includes soft and hard credit enquiries for loans, credit card applications and utilities that you're not aware of or haven't approved.
Contact the lender listed for an unfamiliar credit inquiry and ask it for details of the enquiry. This will help you determine if you authorised it or not.
If the lender agrees it has made a mistake, it should correct the error on your credit report.
You need to do this directly through the credit reporting body that issued your credit report. For example, if you checked your report through Finder, you'd contact Experian. Or, if you requested a copy from Equifax, you'd contact it.
The credit reporting body will review your request for a correction and contact you with an outcome.
If you are successful, the details will be removed from your credit report.
If you are unsuccessful, the listing will remain on your credit report for the required time (e.g. 5 years from when a credit enquiry was made).
A credit enquiry is a record that shows when your credit report has been accessed by you or a third party. There are 2 main types of credit enquiries:
"Soft" enquiries are recorded any time you request a copy of your credit file. This includes when your file is accessed through a separate platform, like the Finder app, and doesn't really have an impact on your credit score.
A "hard" enquiry refers to any request for your credit file that's made by a third party, such as a lender. For instance, every time you apply for a line of credit, such as a card or personal loan, the lender you've applied with will submit a request for your credit file.
This request is recorded on your credit history as a "hard credit enquiry". Too many hard enquiries can lower your credit score and your chance of approval.
Both soft and hard enquiries stay on your credit report for 5 years.
Lenders use information from your credit history to help them determine your eligibility for loan products like credit cards and personal loans.
This includes the number of credit enquiries you've made. These enquiries stay on your credit report for 5 years and are then removed automatically.
If you have too many credit enquiries on your file in a short amount of time, it can negatively impact your credit score and your ability to get a credit card or loan.
| Response | Male | Female |
|---|---|---|
| None of the above | 84.55% | 82.79% |
| Loan | 6.71% | 11.28% |
| Credit card | 10.77% | 9.18% |
| Phone plan | 2.03% | 2.29% |
| Other | 1.02% | 0.76% |
Once you've got your credit report, here's a list of the details you should double check:
The simplest way to keep your credit file error-free is to check it regularly. If you request your credit report through finder you can access it again at any time in your finder account. We will also notify you whenever something on your report changes so you can keep an eye out for inaccuracies.
You also need to make sure that all payments and debits actually go through, don't just rely on someone else or automatic transfers to pay your bills. Physically check to see if the money has left your account.
Your credit report is important and it should be checked regularly for accuracy. If you find a genuine mistake it is relatively simple to have it rectified by any of the credit reporting bodies. Doing so will help ensure that you're treated fairly by lenders.
Millions of Aussies are clueless about one of the more important numbers in their financial lives, according to new research by Finder.
Read more…
Find out what a credit score is and what it can do for you.
Read more…
The average Australian has a "very good" credit score according to Finder analysis. Here's how credit scores are categorised in Australia, and how to check yours.
Read more…
Missing a phone bill can end up hurting your credit score, but simply having a mobile plan won't impact your credit report.
The average Australian has a "very good" credit score according to Finder analysis. Here's how credit scores are categorised in Australia, and how to check yours.
Credit reporting bureaus issue credit reports and scores to consumers and lenders. Discover how they work in this guide.
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.
If you're planning to cancel a credit card, here's what you need to know about the impact it could have on your credit score.
Find out about different credit monitoring services that can keep you informed about changes on your credit report.
How to get your free Experian credit score and credit report with Finder.
How to remove incorrect negative listings from your report and adopt positive money habits to get your credit history back on track.
Discover how you can use a credit card to build or repair your credit history.
Hi Denise, thanks for your inquiry.
Did Experian state why the record had to stay? Would it be possible for the lender to provide formal evidence (written letter/ email) to confirm the removal of this default?
Hope this helps.
Jonathan
Hi I hope you can answer this. I recently found out I have a default on my file, the actual default was in 2009 and was the fault of my ex wife. In the divorce settlement she was supposed to make a payment to the credit card company when we sold the house but did not. I never received any notification from the CC company that there were amounts owing. The bank subsequently sold the debt in 2010 to a recovery agent (i assume for say 30c in the dollar). When I look at the report the debt is listed as 2016.
I would have thought that the original debt is 2010 + 5 years is 2015 which is when it should have been removed. So I am confused.
Kindest
Richard
Hi Richard,
Thank you for contacting Finder.
Defaults can remain on your file for five years if you pay the outstanding amount. If the credit provider cannot get in contact with you at your last known address in order to get the default paid this is no longer referred to as a default. It will be listed on your file as a serious credit infringement and it will remain there for seven years.
If you think that the listing is still there by mistake, you can check our instructions on how you can request for the incorrect listing to be fixed on your own or with the help of credit repair specialists.
I hope this helps.
Cheers,
Danielle
Does reducing your credit card limit affect your credit rating?
Hi Helen,
Thanks for your question. While reducing your credit limit might not directly affect your credit rating, you’ll want to make sure it doesn’t completely limit your spending power or causes you to max out your credit card. Maxing out your limit increases your credit utilization which negatively affects your credit file and borrowing power. I highly recommend you learn more about the effects of reducing your credit limit on your credit score.
Cheers,
Liezl
I am migrant and don’t know much about how credit file work I have Full time job so I applied to 10 credit card in 10 days I got approved for 5 and 5 got rejected now my credit score is low when I applied for loan and they rejected so how to request quick change or when my credit score can change again ? Is there any way I can correct my score quickly ?
Hi Sunny,
Thank you for contacting Finder.
I’m sorry to hear about your credit score. Yes, if you apply for many credit products within a short period of time, it can lower your credit score especially when you are rejected. Generally, repairing or improving your credit score isn’t a quick and easy process. It may take a significant amount of time and require a long period of financial responsibility on your part.
If you wish to learn what increases and decreases your credit score, you may want to read our Experian credit report guide. Not only that, but it would also not hurt to read more about how to improve your credit score.
I hope this helps.
Cheers,
Danielle
Hi, I’m a pensioner looking for a soft loan. I’m about two weeks behind I like to buy V8 Supercars and I just wanted to have some funds for my back pocket. Thank you
Hi Davidson,
Thanks for reaching out to us.
You can have a look on these pages about loans for pensioners:
You can get useful information and tips from there.
Hope this helps.
Cheers,
Rench