What can & can’t be included in your credit report?

How much do you know about your consumer credit report? Would you say that it includes things like:

• Your marital status and your salary?
• Information that is 5 years old?
• Your marital status?

There are a number of things that people commonly think they know when it comes to their credit report, but it turns out that many of them are not true. This confusion can have a significant impact on your financial future; a good credit report could save you a lot of money and a bad one could get you declined for finance.

What CAN’T be included in your credit report?

Personal Information

• Ethnicity, religion, profession, disabilities, sexual orientation or criminal records
• Your marital status and there is no ‘joint credit report’. If you have joint accounts, these will show on both of you and your partner’s credit reports

Financial

• Your income, savings and superannuation balance won’t show on your credit report
• Debts of your spouse that are completely separate from your own (i.e. not joint debts)

Debts can’t be defaulted if they are

• Less than $150
• $150 or more, but less than 60 days overdue

What information CAN be included?

Your credit history

• The name of your creditors, the limits on your credit or loans and any applications (credit enquiries) you’ve made for credit or loans in the last 5 years.

Your personal information

• Details such as your name, date of birth, gender, current and previous two addresses, the name of your employer and your driver’s licence number.

Repayment history

• Information on whether you’ve made payments on time or if you’ve missed a payment for the past 2 years and any defaults -no matter whether you’ve paid them or not.

Adverse Events

• Debt infringements such as bankruptcies, court judgements, debt agreements, personal insolvency agreements, writs and summons.

How long will the information be listed?

The following items should be deleted from your credit report after 5 years:

• Defaults, judgements and court actions
• Credit enquiries (applications for credit)

The duration of other listings may vary as follows:

• Clear-outs will show for 5 years once they are paid (or 7 years if unpaid)
• Debt agreements and personal insolvency agreements will show for 5 years from the date of the agreement or 2 years after the end date (whichever is later)
• Bankruptcy will show for 5 years or 2 years after discharge, whichever is longer
• 2 years of repayment history for all your credit accounts

How to check what’s on your credit report

If you’re unsure of what your credit history looks like, you can get a copy of your consumer credit report for free and once a year, directly from the credit reporting bodies – however it may take up to 10 days. Alternatively, you can get a free copy of your credit report, on the same day from a reputable credit repair company.