Credit repair companies claim they can fix your credit report or clear your credit history. Be careful of ‘credit repair' style organisations. Some companies claim to be able to remove negative information from your credit report and charge you to do so. This can often cost over $1,000 and it is likely you are required to pay up front.
Free services available to help
By contacting your credit provider or a credit reporting body they can investigate for free and correct information on your credit report if it is inaccurate. If you are still unsure on what to do you can also ask a financial counsellor or community legal service for advice.
Free financial counselling is available from the National Debt Helpline by calling 1800 007 007.
In addition, if you are dissatisfied with the outcome of an investigation by the credit provider or credit reporting body you can utilise the services of the Australian Financial Complaints Authority (AFCA) to which the credit provider or credit reporting body is a member. They provide their services free to consumers.
For more information on the Equifax complaints process please visit our Complaints section in our Help Centre.
Need more information? ASIC MoneySmart also provides information on credit repair.
If you have reasonable grounds to believe you have been or are likely to be victim of fraud, you can request a ban on the disclosure of your credit reporting information to be put in place.
The initial ban period is for 21 days, but can be extended upon your written request if there are reasonable grounds with documented evidence.. This can help prevent fraudulent accounts being opened in your name. While a ban is in force, credit providers cannot see credit reporting information on your personal, public or commercial credit report without your specific written permission.
If you would like to place a ban on your Equifax credit report, please enter your details via the ban request form at www.equifax.com.au/ban.
Your credit score (Equifax Score) is a number between 0-1200 that summarises the information on your credit report.
Your credit score is calculated based on the information held on your credit report at a given point in time.
Generally, the higher your credit score, the better your credit profile. Banks and other lenders can use credit scores to as part of determining whether an applicant qualifies for a loan. Your credit score can also play a part in the terms of the loan including the borrowing limit and the interest rate.
My Credit File from Equifax does not include a credit score.
You can visit Equifax and choose from a range of products that include your credit report, credit score and additional features to help manage your credit profile and protect your identity.
Find out more about Credit Reports, Scores and Credit Alerts.
You can also get a copy of your Equifax credit report for free.
Once you have requested a copy of your free Equifax credit report or a My Credit Alert subscription you will receive your credit report within one business day, provided we are able to verify your identity.
From 30 November 2018 the Equifax My Credit Alert service is no longer offered to new customers.
If you’re an existing customer you will still receive the benefits of ongoing credit alerts via email when certain changes occur on your Equifax credit report, as well as a copy of your Equifax credit report once a year. This service is automatically renewed each year for the cost of $79.95. You can cancel at any time and receive a pro-rata refund for the number of full months remaining of your subscription as at the date of termination. The terms and conditions for the My Credit Alert services are available here.
If you’d like to upgrade to one of our monthly subscription product packages where you can access your credit report, get credit alerts and more within a secure online portal you can find out more at Equifax.com.au.
An Authorised Access Seeker is an individual in relation to their own credit reporting information, or a person (including a company) who is assisting an individual to deal with a credit reporting body or credit provider and acting on a written authority from the individual.
Types of Authorised Access Seekers may include:
- Consumer debt management companies including credit repair and debt negotiation companies
- Finance or mortgage brokers
- Budgeting and financial education firms, such as a financial counsellor
- Individuals are also referred to as Authorised Access Seekers in relation to their own credit reporting information. If you are a consumer wishing to access your credit report please view our range of Equifax free credit reports and paid subscription packages here.
Note: Credit providers, mortgage and trade insurers are not Authorised Access Seekers. Not all organisations who fall into the above categories may be Authorised Access Seekers, and there are other restrictions under the Privacy Act 1988 (Cth) on who qualifies as an Authorised Access Seeker. It is up to each organisation to determine their status. An Authorised Access Seeker must satisfy the Authorised Access Seeker criteria in each occasion they seek access to an individual’s credit report