Your credit score is a number worked out from your credit report, and lenders use it to decide whether to lend to you. Since 1 April 2026 Australia has two main credit reporting bodies, Equifax and Experian, not three. You can get your report from each one free every 3 months, and you can have errors fixed for free yourself.
What is a credit score and a credit report?
If you have ever applied for credit or a loan, a credit report about you will exist. It holds personal and financial information about you, and your credit score is calculated from what is in it.
Your report also shows a credit rating. This is the band your score falls into, such as low, fair, good, very good or excellent.
According to the Office of the Australian Information Commissioner (OAIC), a credit report can include:
- your name, date of birth, current address and previous 2 addresses
- your current or last known employer and your driver's licence number
- the credit providers that have given you consumer credit, the type of credit and the credit limit
- repayment history, meaning whether you paid on time or missed payments
- financial hardship information, recorded against your repayment history
- defaults, court judgments and bankruptcies
Australia's credit reporting bureaus: is it three or two?
For years Australia had three main credit reporting bodies: Equifax, Experian and illion. Experian bought illion, and from 1 April 2026 the two now operate as a single Experian credit reporting body.
If a lender checks your Experian report from 1 April 2026, that report includes all the information that was held separately by illion and Experian. That means there are now two places to check:
- Equifax: phone 138 332
- Experian: phone 1300 783 684
The two bodies can hold different information about you, so you may have a report with both. Their scores often differ for that reason. CreditSmart has a page explaining the changes to Experian and illion.
How to get your credit report for free
Under the OAIC rules, a credit reporting body must give you your consumer credit report for free once every 3 months. You can also get an extra free copy if:
- you have been refused credit in the past 90 days, or
- your credit information has been corrected
At other times a credit reporting body may charge a fee, but the fee must not be excessive. Moneysmart suggests getting a copy at least once a year.
Some credit reporting bodies also give you your score for free. Online credit score providers can show your score too, using data from one or more of the bodies. The OAIC page on accessing your credit report sets out your rights.
What affects your credit score?
Your score comes from what is in your report. Moneysmart lists the main things as:
- how much money you have borrowed
- how many credit applications you have made
- whether you pay on time
A payment counts as missed if you make it more than 14 days after the due date. Your repayment history shows as a number from 0 to 7, which is the age in months of your oldest missed payment.
A default is more serious. A credit provider can list one when a payment of $150 or more has been overdue for at least 60 days and they have sent you the required notices first.
Applications count too. Applications for credit cards, store cards, home loans, personal loans and business loans all stay on your report, and Moneysmart notes that Buy Now Pay Later applications also trigger a credit check.
Moneysmart's tips for improving a credit rating are to pay bills on time, keep credit card balances well below the limit, check your report each year, fix errors and limit new applications.
How long does information stay on your credit report?
Some information cannot be removed just because you would like it gone. If it is correct, it stays for a set time. Here is how long common items last, based on OAIC and Moneysmart information.
| Type of information | How long it stays |
|---|---|
| Repayment history | 2 years |
| Financial hardship information | 1 year |
| Default | 5 years, even if paid |
| Credit applications | 5 years |
How to fix errors on your credit report for free
You have a right to get errors fixed for free, and you can arrange this yourself. Common errors include:
- your name, date of birth or address is out of date
- a debt is listed twice, or the amount is wrong
- a default was listed while you were disputing the debt
- the lender did not tell you about an unpaid debt before listing it
- a payment plan or contract change you agreed with the lender is not shown
- an account was created by mistake or through identity theft
To get something corrected:
- Get your reports from both Equifax and Experian and check every line.
- Contact the credit provider or the credit reporting body. The OAIC says going to the credit provider is usually the most efficient way to get a correction made, but you can also ask any credit reporting body.
- Explain the error and include evidence, such as a statement or letter.
- Wait for the answer. If they agree the information is wrong, they must take reasonable steps to fix it within 30 days, or a longer time you agree to, and send you a written notice.
- Get a fresh free copy after a correction to check it has been updated.
If they do not agree the information is wrong, they must write to you with their reasons and tell you that you can go to an external dispute resolution scheme or make a complaint. The OAIC's page on correcting your credit report has the details.
What if your complaint is not resolved?
When you complain to a credit provider or credit reporting body, they must acknowledge your complaint within 7 days and make a decision within 30 days. If they need longer, they must tell you before the 30 days are up and ask you to agree to an extension.
Credit providers and credit reporting bodies must belong to a recognised dispute scheme, such as the Australian Financial Complaints Authority (AFCA) or the Telecommunications Industry Ombudsman. If you are still not satisfied, you can complain to the OAIC in writing. See the OAIC page on making a credit reporting complaint.
Warning signs of a credit repair business
Moneysmart is clear that you do not need to pay a credit repair company to clean up errors in your report. It warns that some charge high fees for things you can do yourself for free, and that paying one may not improve your score. In some cases, not paying their fees has led to a new default on the customer's report.
Since 2021, debt management and credit repair firms have needed an Australian credit licence and AFCA membership. In 2025 ASIC announced a review of the sector, covering firms that charged high fees for little or no service or did not keep in touch with clients.
Warning signs worth noticing, based on these official sources:
- No credit licence. Moneysmart says to check the business is licensed on ASIC's website before going ahead.
- Not a member of AFCA, which licensed firms must be.
- Promising to remove correct information. A correct default stays for 5 years, even after it is paid. Only wrong information can be removed.
- High fees for simple tasks, like getting your report or asking for a correction, which you can do for free.
- Not mentioning your free rights to get your report and have errors fixed.
When is it worth getting professional help?
Most errors can be fixed with a phone call, an email and some evidence. Help can be useful if a lender or credit reporting body refuses to fix something you believe is wrong, if there are several listings from identity theft, or if you are dealing with debts you cannot manage.
If you use a credit repair business, it must hold an Australian credit licence. FIZO shows whether a business is on the regulator's register, so you can check before you sign anything. You can search credit repair businesses on FIZO. If your credit report is affecting a home loan application, our guide What Is a Mortgage Broker and Do You Need One in Australia? may also help.
This is general information only and does not take your personal circumstances into account.