Credit reporting in Australia is governed by the Privacy Act 1988 (Cth) and the Privacy (Credit Reporting) Code (CR Code). Three credit reporting bodies (CRBs) operate in Australia: Equifax, illion and Experian. These bureaus collect information about individuals' credit behaviour and provide credit reports to credit providers — including lenders, utilities and telecommunication companies — who use this information to assess credit applications.

Since March 2018, Australia has operated a comprehensive credit reporting (CCR) regime. Under CCR, credit providers can report both positive and negative information to the bureaus, giving lenders a more complete picture of a borrower's credit behaviour than was possible under the previous negative-only reporting system.

The three credit bureaus

Australia has three main credit reporting bodies. Each bureau independently collects and holds credit information, so your credit report may differ between bureaus — it is worth checking all three. Each bureau must provide you with a free copy of your credit report at least once every 12 months, and within 10 days of a declined credit application or within 30 days of a correction request.

equifax.com.au — Equifax Australia: Equifax is Australia's largest credit bureau. It provides credit reports and credit scores, as well as identity verification and fraud detection services. Individual free annual reports can be requested directly from the Equifax website.
illion.com.au — illion (formerly Dun & Bradstreet): illion provides credit reporting for both consumers and businesses in Australia. Previously known as Dun & Bradstreet Australia, illion offers free annual consumer credit reports through its website.
experian.com.au — Experian Australia: Experian operates in Australia as one of the three main credit bureaus, providing consumer and commercial credit reports. Free annual consumer credit reports are available through the Experian Australia website.

What is included in a credit report

Under the comprehensive credit reporting regime, a credit report may include:

Personal identification information (name, date of birth, current and previous addresses, employer).
Consumer credit liability information — credit accounts, credit limits and account opening/closing dates.
Repayment history information — whether you paid on time each month, for credit accounts with banks, finance companies and some utilities.
Default information — unpaid overdue accounts listed by credit providers (defaults can remain on your file for five years from the date of listing).
Court judgments related to credit.
Personal insolvency information from the National Personal Insolvency Index.
Credit enquiries — when you applied for credit in the past five years.

Your rights — free annual report and dispute process

Under the Privacy Act, you have the right to request a free copy of your credit report from each bureau at least once every 12 months. You also have the right to correct errors on your credit file. If a bureau or credit provider refuses to correct an error, you can complain to the Office of the Australian Information Commissioner (OAIC).

OAIC — Credit reporting rights: The OAIC's official guidance on your rights to access and correct your credit information, and how to make a privacy complaint about a credit bureau or credit provider.
MoneySmart — Credit scores and credit reports: ASIC's plain-English guide to how credit reporting works in Australia, how to access your report for free, and how defaults affect your credit file.
oaic.gov.au — Office of the Australian Information Commissioner: The OAIC administers the Privacy Act and the CR Code — it is the body to contact if you have a privacy complaint about how your credit information has been handled.

What affects a credit score

Credit scores are calculated by the credit bureaus (not by the OAIC or any government body) using proprietary models. Different bureaus use different scoring methodologies. In general, factors that may affect a credit score include:

Payment history — late payments and defaults have the greatest negative impact.
The number and recency of credit enquiries — multiple applications for credit in a short period can lower a score.
The type, age and number of credit accounts held.
Court judgments and personal insolvency listings.
Positive repayment history under the CCR regime can now help improve a score over time.

Defaults and debt collection

A credit provider may list a default on your credit file if an overdue amount of $150 or more remains unpaid for 60 days or more, and the credit provider has taken steps to notify you. Defaults remain on a credit file for five years from the date of listing. Payment of the default does not automatically remove it from your file — it will be updated to show as paid, but the listing remains for the full five-year period.

If you have received a notice from Merion and are concerned about a default listing on your credit file, please contact us or review our Hardship Policy.

Related Merion resources

Regulators — OAIC, ASIC and other federal regulators relevant to credit and debt collection.
Financial Hardship Help — free resources for people managing debt.
Dispute Resolution & Ombudsman Services — AFCA and other external dispute resolution options.
Debt collection laws in Australia — the regulatory framework governing commercial recovery.

Credit Reporting in Australia