How to keep track of your credit history


Bad credit — not sure? It's not surprising

The company that has been keeping the records may have been keeping them from you as well

In December 2016 Australian consumer action groups won a case against credit reporting agency Veda Advantage Information Services and Solutions Ltd (Veda) that resulted in the Privacy Commissioner ordering Veda to refund thousands of consumers who were charged for obtaining a copy of their credit report.

Jump Ahead

Where is your credit history kept?

Many Australian's don't realise that much of their private credit information is held by private companies such as Veda and Dun and Bradstreet and shared between commercial businesses for a fee. Our personal credit rating is used by banks, credit unions, car and phone companies and alike in assessing what they refer to as 'our credit worthiness'.

This might include:

  • The date a credit card or personal loan was opened and closed
  • The maximum credit limit
  • Whether you made the minimum payment on time.

What you don't know may be hurting you

Now this may be fine if the information is accurate. But what happens if there is an error on your credit file that you know nothing about? You may be paying a higher interest rate because of someone else's bad history. Worse yet, you may have been repeatedly refused credit for no good reason. If you've been repeatedly denied credit, perhaps it's worth looking into it further, for free.

This is especially important to people preparing for their first home loan or looking to consolidate debts.

Part of the problem is different types of information is kept on file for different periods of time.

  • Information about a bankruptcy stays on your credit report for 5 years
  • Information about a payment default for consumer credit such as a credit card or utility bill of more than 60 days stays on your credit report stays there for 5 years.
  • Information about a delay of more than 14 days in paying your credit card, home loan or personal loan stays on your credit report stays there for 2 years.

Mistakes happen and the more information the credit reporting agencies collect the greater the chance of errors, misfiling and even identity theft.

What can you do?

The Australian consumer magazine Choice recommends we take the following 5 steps to sort out our credit.

  1. Order your free credit report once every year.
  2. Check your credit history.
  3. If there's a problem, contact the utility company or credit provider, or the credit reporting agency.
  4. Once the problem is fixed, the credit reporting agency should notify you in writing.
  5. If you're not satisfied with the dispute resolution scheme's decision, make a complaint to the Australian Information Commissioner.

How to order your free credit history

Credit reporting agencies are required to make free credit reports available.

Order your free credit file from:

We say if you have any problems that you're not getting resolution with, check out the government's own Smart Money website for more helpful information about your credit history file.

Update 2019 - Change of Names

You can now request your credit report (including a free option) from Equifax (formerly known as Veda), the organisation that creates the credit rating score-cards funders use today. To get a free copy of your Equifax credit report, get in touch with them here.

Be sure to read our new article called get to know your New Credit Score here.

Drew Browne

Drew specialises in helping people protect and provide for what matters most in their lives. He's an award-winning writer, speaker, financial adviser and business strategy mentor. His company Sapience Financial and Investment Services is committed to using business solutions for good in the community, and in 2015 certified as a B Corp. In 2017 Drew was recognised in the inaugural Australian Westpac Businesses of Tomorrow national awards. Drew writes for successful Small Business Owners and Entrepreneurs at Smallville, his blogs can be read on and you can connect with him on LinkedIn.

Any advice provided is general advice only and we have not considered your personal circumstances. Before making any decision on the basis of this advice you should consider if the advice is appropriate for you based on your particular circumstance.

drew browne pic

Drew Browne

Sapience Founder & Director.
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