It is interesting to know what information is kept on your credit history. I applied for my credit history recently to gather information and peace of mind knowing what was being recorded on my credit file. I was surprised to find out the data which Veda was keeping on my file.

Getting a copy of your credit file

Fist of all in order to get a copy of your credit record I recommend that you go to www.mycreditfile.com.au and apply online to get your private copy of your credit history. Currently there is an offer where you can pay around $50 per year to get a copy of your credit file, plus www.mycreditfile.com.au will send you real time updates if any changes are made to your record. I found this particular feature useful as it is good to know straight away if anything has changed on your credit file, especially if you have been a victim of identity theft.

On applying for your credit file you will be required to copy a personal identification document and either scan of fax it to My Credit File in order to prove your identity. Once this has been completed they will send you via email a password protected PDF file with all your personal details on your credit file according to Veda. Veda is one of the industry leading credit file agencies in Australia where organizations will lodge a complaint if you fail to pay a debt on time.

What is on your credit file?

When you receive your credit file you can then get an idea of how your credit score works. Summaries of information recorded on your credit file include:

• Consumer credit applications (This includes any loans or credit cards you have applied for in the past 5 years)
• Consumer Authorized Agent Inquires – This includes anyone that you gave authority to access your credit history, for example a mortgage broker.
• Consumer Credit Card Providers
• Consumer Overdue Account – Outstanding, Finalized and Arrears brought up to date.
• Bankruptcy Act Information
• Court Judgements
• Writs and Summons

All of the above are recorded on your credit file anywhere from 5 to 7 years depending on the severity of the financail obligation. For example if you default on a loan then this will be recorded for 7 years. Applying for a credit card or loan will be on your record for 5 years. Information on whether you are approved for the financial application is not disclosed as it is private information for your eyes only. So every time you apply for a credit card this will be kept on your credit file for 5 years, what a potential lender does with this information is totally up to their discretion.

At the end of the day getting a copy of your credit file is a good exercise, firstly for piece of mind and secondly if you sign up for www.mycreditfile.com.au’s credit watch you can keep up to date with any changes that may occur on your file. On a personal note I was happy to find that there were no nasty surprises on my credit file, I hope you enjoy the same result.

Protect yourself from identity theft

Getting an updated copy of your credit file can help prevent you from being victim to one of Australia’s highest rising crimes…Identity theft, for more information on identity theft in Australian see the video below.