Introduction

Most people think about their credit report when applying for a car loan, home loan or credit card – a creditor usually reviews a person’s credit report when assessing an application for credit.

Credit reports are compiled by credit-reporting bodies from information provided by credit providers. In Australia, credit reports aim to capture all applicable credit repayment history, rather than only negative information (e.g. if a person has defaulted on repayments).

Australia has three credit-reporting bodies: Equifax, Experian and Illion (see ‘Contacts’ at the end of this chapter). These credit-reporting bodies generate and hold consumer credit reports for people, and commercial credit reports for businesses.

Introduction

Chapter: 5.9: Credit reporting

Contributor: Stephen Nowicki, Director of Legal Practice, Consumer Action Law Centre

Current as of: 1 September 2024

Law Handbook Page: 399

Next Section: Credit report regulation