Free Credit Report

Purchasing your credit reports can get expensive, especially if you need to review your credit report multiple times a year.

Accessing a free credit report allows you to stay on top of your credit without the hefty price tag.

How can I obtain a free credit report?

You are allowed to order one free copy of your credit report from each of the Credit Reporting Bureaus every 12 months.

There are three main Credit Reporting Bureaus currently operating in Australia:

• Equifax
• Experian

The credit reporting companies get their information from different sources, the information in your report from one company may be different.

That’s not to say that the information in any of your reports is necessarily inaccurate; it just may be different.

The law allows you to get additional free credit reports from one or all of the credit reporting companies directly for several other specific reasons:

• You had an item corrected on your credit report. If you have something listed on your current credit file that needs to be removed, then you can email the credit reporting agencies to let them know that something is due to be removed. In this case, even if you already have your free annual credit report from all three of the credit reporting bodies, they will remove the listing and send you an updated credit report free of charge.
• You have been declined credit in the last 90 days. Many lenders in Australia are strict when it comes to allowing people to borrow money for a home and chances are one of these 11 reasons will be the basis for why your credit application gets declined. If a lender takes adverse action against you, such as denying your application for credit, insurance, or employment then you are entitled to get the credit report used by the lender as part of its decision.
• You are unemployed but seeking employment. You are entitled to apply for a free credit report once a year if you are jobless but plan to look for a job within 60 days.
• You are on public welfare assistance.
• You are a victim of fraud or identity theft. The law gives you specific rights to receive a free credit report when you are, or believe that you are, the victim of fraud or identity theft.

Despite the access to annual free credit and various reasons specified in the Fair Credit Reporting Act (FCRA), some states have laws that entitle you to one or more additional free reports beyond the free annual credit report and the reasons specified in the FCRA.

All the three credit rating bureaus have a free online service used to calculate your credit score.

• Check your Equifax score through GetCreditScore
• Check your Illion score through Creditsimple
• Check your Experian score through Creditsavvy

You are entitled to a free credit report but not your credit score. Hence, you usually have to pay to check your credit score online.

How do I get a free credit report from Equifax?

You can get a free copy of your personal Equifax credit report once a year. If you don’t meet the criteria for a free Equifax credit report you can get a once-off credit report for $6.95 (currently available for free).

Option 1:

You can use myEquifax in the official site of Equifax to get a credit report. As part of myEquifax, you’ll receive six Equifax credit reports per year. It’s free!

Option 2:

Alternatively you can use Annualcreditreport to check your free Equifax credit report each year.

Option 3:

In Equifax website, you can explore the section of FCRA policies which mentions that you may be entitled to additional free credit reports under certain circumstances.

How do I get a free credit report from Experian?

To order your free Experian Credit Report, you need to give them the following information:

• A completed copy of your Experian Credit Report Request Form
• A contact phone number
• Electronic copies of your identification documents

Option 1:

You can get your Experian free credit report online from AnnualCreditReport

Option 2:

You can mail the completed form to:

Annual Credit Report Request Service
P.O. Box 105281
Atlanta, GA 30348-5281

Option 3:

You can order your free credit report by phone: 1 888 397 3742

Once you’ve submitted your order by using any of the options, you’ll receive your free Experian Credit Report.

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How long does it take to get a free credit report after I order it?

It depends on the credit reporting agency that you use to order your credit report from. Usually, if you apply for a free credit report, it will be processed and mailed to you within 10 days.

Whether you order your report online, by phone, or by mail, it may take longer to receive your report if the nationwide credit reporting company needs more information to verify your identity.

If you want to access your credit report immediately in less than 10 days then you will have to pay. You will also have to bear certain costs if you want to order more than one copy in a year.

Know Your Credit. Own Your Next Move.

Understanding your credit file is one thing, but knowing how it impacts your home loan options is another. Our award-winning mortgage brokers can review your report and guide you toward loan approval, even if your credit isn’t perfect.

Call us on 1300 889 743 or enquire online (below) to get expert support.

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