Most Australians know their credit score exists — but fewer than one in ten have ever read their full credit report. That's a significant blind spot. Your credit report contains far more detailed information than a single number, and lenders read every section of it when assessing your home loan application.
This guide walks through each section of an Australian credit report, what the entries mean, and what mortgage lenders focus on.
Where to Get Your Free Credit Report
Australia has three main credit reporting bodies. Each maintains a separate file — they may contain different information depending on which creditors report to which bureaus:
| Bureau | Website | Score Range | Free? |
|---|---|---|---|
| Equifax | equifax.com.au | 0–1200 | Yes — free once per year |
| Experian | experian.com.au | 0–1000 | Yes — free with account |
| Illion | creditsimple.com.au | 0–1000 | Yes — free via Credit Simple |
You're entitled to a free report from each bureau once every 3 months. Pull all three before a mortgage application — errors on one may not appear on another, and different lenders use different bureaus.
Tip: If you've been declined for credit in the last 90 days, you're entitled to a free report from the bureau used by that lender — regardless of the 3-month window. Ask the lender which bureau they pulled.
Section 1: Personal Information
Name, date of birth, current and previous addresses, employment details. Check this first. Errors here — wrong address, name variations, unknown employment — can indicate identity fraud or a mixed file (your records merged with someone else's). If anything is wrong, dispute it immediately before applying for any credit.
Section 2: Credit Accounts
Every credit account ever reported: credit cards, personal loans, home loans, car loans, BNPL accounts, telco plans. For each account:
- Account type and provider name
- Open and close dates
- Credit limit or original loan amount
- Current status: open, closed, or settled
- Repayment history for the last 24 months (see Section 3)
Section 3: Repayment History Information (RHI)
This is the section most people miss — and the one lenders read most carefully. Under Australia's Comprehensive Credit Reporting (CCR) system, each credit account shows a month-by-month record of whether you paid on time. The codes vary by bureau but typically use a number system:
| Code | Meaning | Lender Impact |
|---|---|---|
| 0 | Paid on time | None — positive signal |
| 1 | 1–14 days late | Minor — one-offs often overlooked |
| 2 | 15–29 days late | Moderate — lenders notice patterns |
| 3 | 30–59 days late | High — flags serviceability concerns |
| 4+ | 60+ days late (default threshold) | Severe — default listing imminent |
What lenders look for: Any "late" indicator in the last 12–24 months will attract scrutiny. A single late entry surrounded by 23 months of on-time payments reads very differently to 6 late entries across 3 accounts over 12 months.
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Section 4: Defaults
A default is listed when a debt is 60+ days overdue and the creditor has sent a written notice to your last known address. Your report shows: creditor name, amount, date listed, and status (paid, unpaid, or partial). Defaults stay for 5 years from the date listed — not from when you pay them.
Paid vs unpaid: Paying a default changes the status from "unpaid" to "paid" — which is materially better. Most specialist lenders require defaults to be paid before approval. The listing itself remains for 5 years either way.
Section 5: Credit Enquiries
Every hard credit check — by a lender, telco, utility, or any credit provider — is recorded for 5 years. The report shows who enquired, what type of credit was applied for, and the date. Multiple enquiries in a short period signal urgency or multiple declines to lenders.
Stop all non-essential credit applications in the 12 months before your mortgage. See our full guide: how credit enquiries affect your home loan application.
Section 6: Court Judgments, Insolvency, Writs
Court judgments for unpaid debts, bankruptcies, Part IX debt agreements, and writs are listed separately. These carry the most severe impact:
- Current bankruptcy: No mainstream or non-bank lender will approve
- Discharged bankruptcy (2+ years): Specialist lenders may consider with large deposit
- Part IX debt agreement: Some specialist lenders will approve after 2 years from discharge
- Court judgment: Treatable if paid and 2+ years old with clean recent history
What Lenders Actually Prioritise
| Report Section | What They Look For | Red Flags |
|---|---|---|
| Defaults | Any listings, amount, paid/unpaid status | Unpaid defaults, multiple defaults, recent (<2 years) |
| RHI | Pattern of payments across all accounts | Multiple late entries in last 12 months |
| Enquiries | Frequency and type | 5+ enquiries in 6 months |
| Credit limits | Total exposure vs income | High limits relative to income (even if $0 balance) |
| Court listings | Judgments, bankruptcies, debt agreements | Any current or recent (<2 years) |
| Personal info | Address consistency, identity match | Mismatches suggesting fraud or mixed file |
How to Dispute Errors
Errors are more common than most people expect — wrong defaults, duplicate listings, accounts you never opened. If you find an error:
- Lodge a dispute directly with the bureau that holds the error (Equifax, Experian, or Illion) — all have online dispute forms
- Also contact the original creditor requesting correction
- The bureau must investigate within 30 days and correct or remove the listing if it can't be verified
- If unresolved, escalate to the Australian Financial Complaints Authority (AFCA) at afca.org.au — free service
Full process: How to dispute credit report errors in Australia.