The Law Handbook 2024

Chapter 5.9: Credit reporting 457 Under the recent legislative amendments – the NCCP Act 2021 and NCCP Regulations 2021– an individual’s credit report (that is sent to that individual) includes: • the individual’s credit rating; • the information used by the credit-reporting body to derive the individual’s credit rating; • how the individual’s credit information was used to determine their credit rating and how the individual’s credit rating relates to other ratings. How information on a credit report is used Many credit providers use credit reports to decide whether to provide a loan or service. Should a credit application be denied because of information on a credit report, the credit provider should tell you this. Credit reports can only be seen by credit providers, potential credit providers, mortgage insurers and credit reporting agencies. Other types of businesses, such as real estate agents, cannot access credit reports. If your real estate agent seeks access to your credit report, seek advice from a community legal service or Victoria Legal Aid. Credit scores Credit providers sometimes use credit scores (or credit ratings) to decide whether to provide credit. A scale (excellent, very good, good, average, or below average) helps a lender work out credit risk. A higher score could mean getting a better deal and saving money. A lower score may prevent a person from getting a loan or credit. The reporting agencies calculate credit scores differently, so there is not one official score. Lenders may also have their own internal methods of scoring customers. Credit scores are generally calculated from things like the amount of money borrowed, the number of credit applications made, and whether repayments are made on time. A credit score cannot be calculated based on financial hardship information. Credit scores change over time. Contacts Credit-reporting bodies Equifax (previously called Veda Advantage) Tel: 13 83 32 Web: www.mycreditfile.com.au Experian Tel: 1300 783 684 Email: creditreport@au.experian.com Web: www.experian.com.au Illion (previously called Dunn & Bradstreet) Tel: 1300 734 806 Email: pac.austral@illion.com.au Web: www.creditcheck.illion.com.au External dispute resolution schemes Australian Financial Complaints Authority (AFCA) Tel: 1800 931 678 Email: info@afca.org.au Web: www.afca.org.au Energy and Water Ombudsman Victoria Tel: 1800 500 509 Email: ewovinfo@ewov.com.au Web: www.ewov.com.au Office of the Australian Information Commissioner Tel: 1300 363 992 (Monday to Thursday, 10 am to 4 pm) Web: www.oaic.gov.au Telecommunications Industry Ombudsman Tel: 1800 062 058 Web: www.tio.com.au