What is a credit bureau?

/ credit basics credit report credit score

If you're looking to make a significant purchase in the future, there are several ways to approach it. For anyone whose disposable income allows them to make big-ticket buys without affecting their savings or daily expenses, it may not seem like much of an issue.

But for many of us, purchases such as a car, a house or even household goods involve careful planning. Perhaps you have been saving for a long time, and your acquisition will be the result of many years' patience. On the other hand, if you suddenly need to make a purchase which falls outside of your budget, then you'll want to know that you can have access to credit when you need it most.

In order to have have access to that credit, however, you'll need to make sure that your credit reputation is in a good state.

Understanding the role of credit bureaus in your finance 

When it comes to credit providers making a decision on approving your application for credit, they will likely reference your credit history report. Your credit report assists lenders to gain a better understanding on whether you will be able to make your repayments.

Credit bureaus are the bodies which hold information on both consumer and business credit history. They supply credit providers with this information when the credit provider makes an enquiry as part of a credit check when you apply for credit. It is important if you are thinking about applying for credit to understand what is on your credit report.

Consumers can find out what credit providers see by requesting a copy of their personal credit report with My Credit File, provided by Veda.

It is important to understand that the decision on whether a credit application is successful or not does not solely rely on the credit reporting information provided to credit providers by credit reporting bodies such as Veda.

Why should I get my credit history from My Credit File?

My Credit File is a part of the Veda, an Equifax company, Australia's leading credit bureau with over 47 years' of experience providing essential services across Australia and New Zealand. 

My Credit File also offers a credit monitoring service in the form of My Credit Alert for consumers, and business credit alerts. These services mean that you can keep on top of your credit profile with email alerts whenever certain changes have been made to your credit file.

Get your credit file with My Credit Alert

$79.95 per year

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