How to Check a Credit Rating in Australia

In Australia, keeping a check on a credit rating is important as credit scores determine whether a lender will approve a credit facility and also the amount of credit at your disposal. The method that agencies use for calculating a credit rating in Australia is similar to that in the U.S. They use a point-based system, and the higher the points the better your chances of obtaining credit. Poor or incorrect credit ratings may mean applications for credit facilities may be declined. Obtaining your credit report on a regular basis will ensure that you are fully aware of what a lender will see. All organizations offering credit in Australia use the official credit reference agencies as their central source of information when credit is applied for. They use it to work out whether you are likely to maintain payments and whether you are in a position to afford them.

Instructions

1

Get your credit report by applying online; it's the fast and simple way. There are several official online credit reference agencies that allow you to check a credit rating in Australia. The Resources Section provides two links for the more popular agencies: Dun & Bradstreet and Veda Advantage. Everyone resident in Australia is entitled to obtain a free report. This is generally a condensed version but will provide the most important aspects of your credit rating. If you want to have a detailed report, then you will need to pay for it. The cost varies by credit reference agency, so best to check each website for the best deal. If you feel you will want to check your report on a regular basis, go for the subscription method. You get your first quarter's report for free, then you need to pay A$9.99 quarterly.

2

Click on the credit reference agency of your choice. To check a credit rating in Australia, you need to enter personal details about your identity and residency so have this information to hand. Ensure you type these in accurately. Incorrect information will delay the procedure and, if choosing a paid version, could mean you will have to pay again. You will need to enter previous addresses if you have only been at your current residence for a short while.

3

Click on "Continue." If you have chosen to check your credit rating in Australia by opting for a detailed report or a subscription report you need to enter your payment details. Both those listed in the Resources Section take payment by Visa, Mastercard or Pay Pal. If you have chosen the free standard report you will be taken to a screen asking you to mail two forms of personal identification. They must be originals.

4

Click on Submit" or "Continue." You will receive confirmation of your request. The free version will be mailed to you upon receipt of the identification details and will take about 10 days or so. If you have chosen the detailed report, it should be dispatched in one business day. Some agencies allow you to check your credit rating report online. If available, you will be asked to enter a user name and password. Once set up you can view your report. Confirmation will be sent to your mail box.