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Credit Report Errors

The information on your Credit Report is sourced by the credit reference agencies from many places, including credit providers, the Courts, AFSA, ASIC, and even from you.

A credit reference agency has no ability to check that all of the information it has on you is free from error. Yet there is a legal responsibility on the credit reference agencies to provide information that is up to date, complete, accurate and not misleading.

That's why you have a legal right to see what's held by the credit reference agencies. You have the legal right to have Credit Report errors corrected and the right to compensation too.

Detailed account history on your credit report

Credit Reports are becoming more complex

With the exception of Experian, the credit reference agencies are new to putting detailed account history on Credit Reports, and that is the source of most consumer queries in countries which have already used account history in Credit Reports over several decades.

Lenders will supply an extract of their databases to the credit reference agencies and if an error occurs, it is the lender that must be tackled first, as that is the source of the problem.

If not sorted at source, the error will reappear on a Credit Report when the next extract is cut.

Out of date information is not an error

Credit Reports are not kept in real time. Much of the data held by credit reference agencies is quite old.

It takes time for account histories to be extracted, sent over to the agencies, roughly checked for major error, and then added to the credit reference agency databases.

So just because you repaid and closed an account a couple of weeks ago, don't expect your Credit Report to reflect that immediately.

Missing information is not an error

Not all lenders are going to be able to afford, or want, or even have the ability to give up their customer details regularly to the credit reference agencies.

In both the UK and in the US, only the very largest 250 or so credit providers submit account history to the credit reference agencies, and that has been a gradual process that has taken over 20 years.

So at the start of Australia's move into this area, expect to see just a few accounts being reported, gradually building up as time goes on.

It's unlikely that your Credit Report will reflect all your financial dealings.

Common names can lead to errors

Sometimes information can appear on your Credit Report which does not relate to you. It may be that you have a common name, or that you have the same name as your father or mother.

There are sometimes problems with information recorded on twins. There are many other possibilities. It's up to you to sort it all out when things go wrong on Credit Reports where the reason is a failure to identify each piece of information as yours.

Credit providers can get it completely wrong

Banks and telephone companies have provided information to credit reference agencies in the past which says that all, or a significant proportion of their customers, are late payers, or are in default.

It only takes one human error, or a single piece of bad computer code. Some of these errors get a lot of publicity – rightly so – and are corrected. But someone has to find the error first, and that person could be you.

Some Credit Report errors don't matter much

If a Default or a Judgment is marked as unpaid when it has been paid in full, that is certainly a case of the information at the credit reference agency not being up to date, but it's doubtful that a lender will make any distinction between a paid Default and an unpaid one, or a paid Judgment and an unpaid one.

It might make you feel better to update the information, but sometimes it matters very little difference to your credit standing, your Credit Score, or your ability to get credit.

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Or if you prefer, purchase a one-off Credit Report

The onus is on you to check

It may not seem fair, but if you want to make sure that your Credit Report is a good reflection of your credit standing, and is free from error, then the onus is on you to get your Credit Report, to check it and to put things right.

That's where we come in. We are independent, consumer-driven, Credit Report experts. We can help you to understand the growing complexities of Credit Reports, and to provide professional help when you need it.

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Customer Reviews

See what lenders see when they check you out – and a lot more besides. The scope for Credit Report errors increases as more and more information is added to your Credit Report, but the onus for checking what's right lies with you.
It's not a one-time thing either. Once you know it's right, our Credit Monitoring Service will help keep it right.

It takes only minutes to sign up - and a lot less time to cancel, which you can do at any time.

It's really easy to buy from us

We take the absolute minimum of personal details that we need to order your Credit Report. We don't ask you for your telephone number, or mother's maiden name.

You can pay from the widest choice of payment mechanisms available. Our prices are clear and upfront - and where you have a choice of payment frequency, the default is always the cheapest option.

To make sure that we only provide your Credit Report details to you, before we can give you instant online access we try to authenticate you by asking you a series of questions that only you should know the answers to. Should you fail, we send a special code to you by First Class Mail so you can access your Credit Report the next business day.

Once you've seen your Credit Report, any questions you have will be welcomed by our professionally qualified Credit Analysts - you can contact us on our Freephone number, by email or using our Secure Message system, as you prefer.

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