How can I improve my credit record?

/ credit basics credit report

If you've obtained a copy of your personal Equifax credit report but aren't happy with it, you may be wondering what the next step should be. While it may seem the solution is to simply stop spending and pay back what you owe, many will already know things aren't necessarily that easy.

For anyone juggling payments and bills from various essential service providers, from electricity and phone connections to rent or a mortgage, getting on top of their credit score may feel like a looming goal. However, with a few changes, you can begin to repair an unfavourable credit report. 

Verify all information is correct 

A good place to start is to go over all your details on your credit report and ensure that there is no missing or incorrect information. Because credit reports are created by collecting data from various credit providers and public sources, it is important to check all of your information. 

Make sure you notify lenders of a change in address so that you don't miss any bills, which could lead to late repayments or overdue debt being recorded on your report. 

It is a good idea to go through your credit information and submit a request where you believe an enquiry or overdue debt needs to be corrected. As My Credit File is a product offered by Equifax, if you find an error in your credit information, Equifax can investigate on your behalf for free to get to the bottom of any suspected inaccuracies. 

Keep a close eye on your credit 

Before you apply for further credit, take the time to do your homework and weigh up whether you can commit to paying off your debt on time. Lenders may not look favourably upon those who make multiple enquiries over a short period of time because you may appear to be in credit stress. 

You can get your Equifax credit report for free and also keep track of your credit report with an annual subcription to My Credit Alert, which keeps you during the year by sending you email updates about specific changes on your Equifax credit file. You'll also receive a copy of your credit report every 12 months. This can also increase your chances of detecting identity theft early.  

Pay your bills on time 

Setting up direct debits is a good way to make sure you are making repayments on time, especially if you have trouble keeping track of different due dates. 

With the recent change to credit reporting regulations, positive actions such as paying bills on time or paying off debt could be recorded on your credit report, and help to improve your credit profile.

Disclaimer: The information contained in this article is general in nature and does not take into account your personal objectives, financial situation or needs. Therefore, you should consider whether the information is appropriate to your circumstance before acting on it, and where appropriate, seek professional advice from a finance professional such as an adviser.

X Close

Thanks for choosing Equifax!

To make sure you are accessing the right product, we need you to answer the following questions.

You can get a free copy of your personal Equifax credit report:

  • if you have been declined credit in the last 90 days; or
  • if you have had an item corrected on your Equifax credit report; or
  • once every 12 months.

If you do not meet the criteria, a once-off Equifax credit report is currently available for free.

Multipage

Great news!

You are eligible for a free Equifax Credit Report.

X Close

Thanks for choosing Equifax!

An individual has the right to obtain a free copy of their credit file either personally or through an access seeker in the follow circumstances:

  • Once every 12 months
  • If their credit application was declined (the free credit file request must be made within 90 days from the date the application was declined)
  • If the individual has lodged a correction request and has been advised that their Equifax credit report has been corrected

If an individual does not meet the criteria, a once-off Equifax credit report is currently available for free.

Please answer these questions below as they relate to the person whose file you are requesting.

Multipage

Great news!

Your client is eligible for a free Equifax Credit Report.

Find out what is on your Equifax credit report

Learn more

You might also like

3 myths about your credit report

/ credit basics credit report

There are many mysteries surrounding what affects your credit score. Take a look at these three commonly believed myths that could catch you out.

What goes into a personal credit report?

/ credit basics credit report

Do you know what your credit report contains? Here we outline what is included in a personal credit report.

Are you credit invisible?

/ credit report

If you've never applied for credit before, there's a good chance you may be credit invisible. Here we look at what you should know about it.