Experian Credit Reports
Get a better understanding of credit reports
A credit report shows your financial behaviour. It includes things like your credit history, the credit accounts you hold and your credit score. Lenders use this information to help them decide whether to give you credit. But they’re not the only ones who can benefit. You can use your report too. Understanding your report may help you improve your credit score, which could mean access to lower rates of interest or credit you need to achieve your goals.
Information on your Experian Credit Report has been provided to us from credit providers as a result of your application for credit, and publicly available information from government departments or agencies. This may mean we don’t have your latest residential address or employer listed. This is quite common. It may be the case that you have not applied for credit while residing at your new address or with your new employer, or the information hasn’t been shared with us.
The information in your Experian Credit Report may include:
|Personal information||Consumer credit accounts|
|Consumer credit enquiries||Public information|
|Consumer Serious Credit infringements||Consumer credit history|
|File access record||Consumer defaults|
|Your Experian Credit Score||Personal statements|
|Financial Hardship Information
From July 1 2022 ‘financial hardship information’ was introduced to protect consumers’ credit history. A financial hardship arrangement is made between you and your lender to adjust your repayments due to an issue with your ability to repay. During an arrangement, your credit report will show a payment arrangement “flag” alongside that month’s repayment history information. Any financial hardship arrangements you had before 1st July 2022 will not be reported. Visit CreditSmart for more information.
Your Experian Credit Report will be accessed with your consent when you apply for credit. Credit providers such as banks, building societies, credit unions, finance companies, access seekers, mortgage insurers and other businesses that offer to lend you money can access your credit report.
Your Experian Credit Report is only a portion of what is considered when applying for credit. Credit providers may also take into consideration all or part of any additional information you provide to support your application.
It all depends on the type of data. Identity information including your name, date of birth, gender, driver’s licence and address history may be held for the life of the credit report. For other information on your credit report, here are some of the typical timeframes:
|Information on your Experian Credit Report||2 years from the date of listing||5 years from the date of listing||7 years from the date of listing|
|Repayment history information||Y*|
|Credit history and accounts||Y|
|Defaults - Overdue accounts listed as a payment default||Y|
|Overdue accounts listed as a serious credit infringement||Y|
|Bankruptcy - Five years from date of listing or two years after discharge, whichever is the greatest.||Y||Y|
*This remains for a period of 2 years, rolling until closed then 2 years after closure.
It is important to note that credit bureaus receive information that make up your credit report as a result of your application for credit. We simply compile this information and create what we call a credit report for you. This means that all the information provided to us was correct at the time it was provided.
If you have moved since your last application for credit we may not be provided with this information until the next time you apply for credit. The information on your credit report is only as up to date as your last application for credit.
It is also important to note that we may not hold all your credit history information. If you believe details on your credit report are incorrect, you can raise a correction request. There is no associated cost with requesting a correction.
Experian is a proud supporter of the Australian Retail Credit Association (ARCA) industry initiative CreditSmart. This informative website was developed by credit experts to help you understand how credit reporting operates in Australia as well as empower you to understand how your credit choices affect the information that credit providers can access and how you can view and control that information.