We are here to bring a better understanding of Experian credit reports and how it works.
What is a Credit Report?
A credit report is organized to help you know your financial behavior. It encompasses things like your credit history, the credit accounts you hold as well as your credit score. Lenders make use of this information to help them decide whether or not to give you credit.
As a user, you benefit from your credit report, by having a clear understanding of how you fare, which may help you improve your credit score, which can result to access to lower rates of interest.
What is on my Experian Credit Report?
Information on your Experian Credit Report is provided from credit providers following your application for credit and publicly available information from the government departments or agencies. This may imply that Experian does not have your current residential address or employer listed.
This is quite common, and maybe the case that you have not applied for credit while residing at your new address or with your new employer, or the information has not been shared with Experian.
The information in your Experian Credit Report may include;
- Personal information / Consumer credit accounts
- Consumer credit inquiries / Public information
- Consumer serious credit infringements / Consumer credit history
- File access record / Consumer defaults
- Your Experian Credit score / Personal statements.
How to Order a Copy of my Free Experian Credit Report
You can order a free Experian Credit Report in two ways, either by email or post. Immediately you’ve submitted your order, you’ll get your report within 10 working days.
Who Can Access my Experian Credit Report and when can it be accessed?
Your Experian Credit Report is accessed with your consent when you apply for credit. Credit providers like banks, building societies, credit unions, finance companies, access seekers, mortgage insurers as well as 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 and credit providers may also consider all or part of any additional information you offer to support your application.
Things you should do if you feel there’s a mistake on your Experian Credit Report?
It is essential to note that credit bureaus get information that makes up your credit report as a result of your application for credit. Experian simply compiles this information and creates what is known as a credit report for you. What this means is that all the information offered to Experian is correct as at the time offered.
In case you have moved since your last application for credit, Experian may not be provided with this information until the next time you apply for credit. The information on your credit report is only as current as your last application for credit.
It is also essential to note, that there is no law in Australia that states that financial institutions must share information with credit bureaus. What this means is that Experian may not hold all your credit history information. Thus if you believe details on your credit report is incorrect, you can raise a correction request. You do not have to pay for requesting a correction.