Credit Report FAQ's

Frequently asked questions and answers about credit reports, credit scores and Comprehensive Credit Reporting

What is a Credit Report?

When you apply for a loan or credit, credit providers such as banks and lenders will check your credit report. Your credit report documents your credit history, including how many times you’ve applied for credit and which loans were opened, as well as your history of making repayments and any defaults. Learn more about your credit report in our helpful article ‘What is a credit report?’. 

What is a Credit Score?

A Credit Score is a number that indicates how healthy your Credit Report is. Generally, the higher your score, the better.

What is Comprehensive Credit Reporting?

Heritage will be sharing additional credit information about customers with credit reporting bodies as part of the Comprehensive Credit Reporting (CCR) changes. Previously, your credit report may have included only ‘negative’ data such as the date of your loan application, any defaults on your loan or bankruptcies. With CCR your credit report includes additional, ‘positive’ information like when you opened and closed a credit account, account type, credit limits you have and up to 24 months of repayment history.

When will Comprehensive Credit Reporting come into effect?

The legislative changes to allow CCR were made a number of years ago. Some banks already participate in CCR and participation is mandatory for the big four banks. Heritage will commence sharing for CCR purposes in 2023.

Why is Heritage adopting Comprehensive Credit Reporting?

Heritage is adopting CCR in line with industry standards, and as part of our commitment to responsible lending to our customers. All the major banks have already adopted CCR and many other credit providers have already adopted CCR or are working towards it.

Can I opt out of Comprehensive Credit Reporting?

It is not possible to opt out of CCR.  Your personal information is managed and protected in accordance with the Privacy Act. 

Is it legal for Heritage to share my data for Comprehensive Credit Reporting?

Yes. We are able to share your personal information in accordance with our  Privacy Policy and the Privacy Act. 

Who are the Credit Reporting bodies in Australia?

Credit reporting bodies are independent organisations that securely report credit and personal information to credit providers to help them assess a credit application. Heritage uses three different credit reporting bodies – Equifax, illion and Experian.

How can I get a free copy of my credit report?

You can request a free credit report from any credit reporting body once a year or if you have been refused consumer credit within the past 90 days. You can also contact CreditSmart to obtain a copy of your credit report. If you're not eligible for a free credit report you can pay a small fee to a credit reporting body to access your credit report.

What do I do if my information is incorrect on my credit report?

If you believe there is an error on your credit report, you can contact the credit reporting body where you obtained your report, or contact the financial institution that provided the incorrect information and ask them to investigate. Alternatively, you can contact us if you believe Heritage has included incorrect information on your credit report.
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