How inaccuracies could damage your credit report

Have you discovered a problem with your credit file?

Your Equifax credit report should be one of your most precious documents. In a world where credit cards and mortgages are quickly becoming the norm (if they aren't already), this piece of information about your repayment history should be just as important to you as your birth certificate and your employment history.

However, even this document could end up being incorrect on some level, potentially misrepresenting you as a borrower. So how can you keep yourself and your file protected?

Could your credit file have an error?Could your credit file have an error?

Why is it important to check the information on your credit report?

You could end up getting denied for lending.

When it comes to applying for finance, one of the first pieces of evidence that your lender will check when evaluating your risk is the state of your credit file. If you have a history of issues with repaying your debts, or have applied for too much credit at once, or simply have an outstanding issue that you may not have even known about, you could end up getting denied for lending.

However, you could discover that something on your credit file is inaccurate. This could range from something like a repayment you have actually already resolved (and thus should be removed from your file) to somebody actually stealing your identity and taking out loans in your name.

What can you do about it?

Thankfully, these kinds of mistakes (where the lender has officially recognised it) are simple to investigate. All you need to do is get into contact with Equifax and lodge a correction request. We will then conduct our own investigation, which will be investigated within 30 days. You simply complete an online form and then Equifax will investigate. This can include contacting the credit provider or lender of the entry that you would like investigated.

If after our investigation a correction or an amendment is made on your credit file, we send out a notice of this correction to every provider who has requested your report within the last three months.

The key is to recognise these issues immediately and do more than just accept the reimbursement from your lender. This is also another example of why it is so important to check your credit report frequently - if an error slips past that you are unaware of and it isn't resolved quickly, it could be there to stay for a while. Stay informed and keep up to date with your Equifax credit file.

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.​

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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.

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You are eligible for a free Equifax Credit Report.

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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.

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