Credit Score
Credit Scores and Credit Reports in Australia
Your credit score is one part of a lender’s assessment when you apply for finance. It is calculated from information in your credit report, including your credit applications, repayment history and credit accounts. Understanding your credit score can help you prepare for a car loan, home loan, business loan or other finance in Melbourne, Victoria and across Australia.
Before applying for credit, request your free credit report from both Equifax and Experian. Australian credit reporting bodies must provide a free report once every three months, and each report may contain different information. Check your name, date of birth, addresses, credit accounts, repayment history, credit enquiries, defaults and any financial hardship information. If something is incorrect, contact the credit reporting body and credit provider to request a correction.
Check your credit report first
Review your Equifax and Experian reports before applying for finance so you can identify incorrect accounts, enquiries or personal details early.
Know what lenders may review
Credit history is considered with income, expenses, liabilities, employment, assets and loan purpose when a lender assesses an application.
Correct inaccurate information
If information is wrong, outdated or not yours, ask the credit reporting body and provider to investigate and correct it.
Ask for hardship support early
If repayments become difficult, contact your lender promptly to discuss a financial hardship arrangement before the situation escalates.
What can affect your credit score?
Repayment history, the number of credit applications you make, the amount and type of credit you hold, defaults and serious credit infringements may affect your credit profile. A payment more than 14 days late may be recorded as repayment history information. A default has specific notice and eligibility requirements; an accurate default generally remains for five years, while a clearout can remain for seven years. If you are experiencing financial difficulty, contact your lender early and ask about hardship assistance.
How we can help you understand your finance options
Uniko Capital provides clear, responsible guidance about finance options. Your credit score is not the only factor considered by a lender; income, expenses, existing liabilities, employment, assets, loan purpose and serviceability may also be assessed. Explore our finance services: car and truck loans, home loans, asset and equipment finance, commercial property loans, business loans and personal loans.
No legitimate service can remove accurate negative information simply because a fee is paid. Incorrect, outdated or unauthorised information can be disputed, often at no cost. For official information, read ASIC MoneySmart’s credit score guide, the OAIC credit report access guidance and the OAIC repayment history and defaults guidance.
This page is general information only and is not personal financial, legal or credit advice. Lending criteria, rates, fees and approval decisions vary between lenders. We do not guarantee approval or a particular credit score.