The Savvy Team love to hear from our members and get all sorts of questions asked, so we thought we would share some of the most commonly asked questions we get (see Q1 here):
Q2. Who can access my credit report?
Yourself, credit providers, mortgage insurers and trade insurers. Many of these organisations can only access your credit report for certain purposes.
All the nitty gritty details:
Did you know that you are entitled to a free copy of your credit report from each credit reporting body in Australia, once a year? It’s a good idea to request a copy to ensure there are no errors on your credit file and the information held on you is accurate and up to date.
When you sign up to Credit Savvy, you receive a summary of the key information on your Experian credit file as well as alerts whenever there are changes to your file, all for free!
Credit providers aren’t just the big banks. The following are also types of credit providers and are able to request a copy of your credit report:
- Banks, building societies and credit unions
- Retail companies that issue credit cards
- Small amounts lenders (including payday lenders)
- Energy and water utility companies
- Telecommunications carriers
- Toll road and public transport operators
- Retail businesses that supply goods or services and who allow you to defer payment for 7 days or more
Credit providers access your credit report so they can:
- Assess your application for credit
- Collect overdue payments from you
- Assess whether to accept you as a guarantor on someone else’s application for credit
Mortgage and trade insurers
A mortgage or trade insurer can access a copy of your credit report to:
- Assess the risks of providing insurance to a credit provider
- Check that the insurance relates to credit that you have been provided or that you have applied for
Who cannot access your credit report?
Any business that is not a credit provider or credit reporting body operating in Australia cannot access your report. This includes:
- Real-estate agents
- Insurance companies other than mortgage insurers and trade insurers
For more information about who can access your credit report and when, check out the OAIC’s Privacy fact sheet.