Most people think about their A debt that does not have to be paid until some future time. Being allowed to pay later, in the future, for something you are getting now. report when applying for a car loan, home loan or credit card – a The person or organisation to whom a debtor owes a debt. usually reviews a person’s credit report when assessing an application for credit.
Credit reports are compiled by credit-reporting bodies from information provided by credit providers. In Australia, credit reports aim to capture all applicable credit repayment history, rather than only negative information (e.g. if a person has defaulted on repayments).
Australia has three credit-reporting bodies: Equifax, Experian and Illion (see ‘Contacts’ at the end of this chapter). These credit-reporting bodies generate and hold Under the Australian Consumer Law, a person who buys goods or services for less than $40 000 or for personal or home use. credit reports for people, and commercial credit reports for businesses.