Credit Reports

Your credit report has all the data lenders use to judge your credit risk. Negative items can seriously decrease your chances of getting approved and dramatically increase the interest rates you’ll pay.

But dealing with credit reports is often a huge hassle. There are three national credit reporting bodies in Australia—Equifax, Illion, and Experian.

Each one keeps their own separate records, so you need to request a report from all three to get your full credit picture. That process can take up to 48 hours and is a pain… each company requires ID verification, and you have to pull your records from three separate companies.

To make matters worse, studies show a staggering 76% of credit reports contain errors or dodgy info that could be unfairly hurting your credit score.

With fractured data spread across multiple imperfect reports, it’s pretty much impossible to clearly understand how lenders actually view your overall creditworthiness.