Free Access to Credit Reports

[exceladdict]

I appreciate this information is littered throughout many threads, but I wanted to start a thread for two reasons:

- To consolidate it to one place, separate to discussions of particular card offers and debates of what a "good" score is, and
- For personal reasons - to make sure I have not missed any!

Could I please request the collective knowledge of this forum to point out if I've missed anything - otherwise, hopefully this will be of use to others. (Admins, if this is a clear duplicate of another thread that I didn't find, please merge or delete as necessary)
When applying for credit, the credit provider queries your 'file' with one or more credit ratings agencies. The main three in Australia are Dunn & Bradstreet, Veda and Experian. By law, each agency must provide you with access to your file at least once per year or if you have had a credit application rejected.

However, some services allow you to access your 'file', or a 'score' they calculate based on your file, through free and paid services. The intention of this thread is to list them below.

Dunn & Bradstreet

Free full reports - 1 Per Year, ~10 business days via www.checkyourcredit.com.au

Paid Reports / "Express" (1 business day) / ID Subscriptions at cost between $15-60

Experian

Free full reports - 1 Per Year, ~10 business days via Experian Australia | Business Data, Analytical and Marketing Services

Free credit report card, monthly score (scale of 0 to 800), monthly alerts via www.creditsavvy.com.au
Known issues: reported to contain less information than Veda / D&B Reports


Veda

Free Reports - 1 Per Year, ~10 business days via mycreditfile.com.au

Paid Reports / "VedaScore" (credit score out of 1200) - Require Subscription, $80-$120 Per Year

Free VedaScore - 1 Per Year - via www.getcreditscore.com.au
Known issues: some people "do not exist", and use of the system requires you consenting to a third party's service

 

[Winston1]

Excellent post
Very useful for newbies like myself. I always search first, but often it's hard to find accurate and up to date information. Something from say 2013 is likely to be irrelevant now.

 

[burmans]

Like.

Though I dont know if I'd describe it as an "issue" that some people "do not exist" at Veda. The way I'd personally phrase this is that Veda only has credit files on those people who they have credit information about. i.e. if not you dont have a credit file. Not sure what the alternative is, if you did exist at Veda but didnt have any credit history reported to Veda they'd be maintaining information without a genuine reason to do so. This would be against the law (Privacy Act).

PS. With CCR there will be a higher %ge of people who have files.

 

[exceladdict]

Like.

Though I dont know if I'd describe it as an "issue" that some people "do not exist" at Veda. The way I'd personally phrase this is that Veda only has credit files on those people who they have credit information about. i.e. if not you dont have a credit file. Not sure what the alternative is, if you did exist at Veda but didnt have any credit history reported to Veda they'd be maintaining information without a genuine reason to do so. This would be against the law (Privacy Act).

PS. With CCR there will be a higher %ge of people who have files.

Thanks Burmans - In combing some other threads, I found some people who seemed to "not show up" when looking for their VEDA score via the getcreditscore service, but would definitely have had VEDA files, thus the comment. But I completely agree with everything you've said.

 

[burmans]

Thanks Burmans - In combing some other threads, I found some people who seemed to "not show up" when looking for their VEDA score via the getcreditscore service, but would definitely have had VEDA files, thus the comment. But I completely agree with everything you've said.

Well we don't all have identify numbers so yes it is possible you wont show up. Veda use a "fuzzy" logic algorithm using name, address, DOB and drivers license no. The last should be a direct match assuming the # on file matches the real no (itself not always correct, given they are manually captured and anything manual potentially has a significant rate of errors) but matching on partial information always has a risk (names/addresses are misspelt, people move, DOB can be entered wrong etc. or not provided at all).

I do agree its an issue but in defence would note if getcreditscore can't find you its likely that an application also cannot match you, i.e. the credit information you are provided likely matches what would be provided to a credit provider. For anyone in this situation suggest you contact Veda as its highly likely something held about you is wrong (i.e. one of the things mentioned above).

 

[JessicaTam]

[mod hat]
Thread opened by request.
[/mod hat]

 

[exceladdict]

ThankTam Jessicatam

Wanted to update this thread with some new info now that Veda is known as Equifax and the main place to get free access, via www.getcreditscore.com.au, has changed. Previously you had to enter your identity, drivers lic number, etc every month to check your score. Much easier now.

Getcreditscore now utilises a login, under which, you'll notice tiny print that advises that on each login, it will check your equifax score. You also consent to this on signing up.



The home page has a note: "Score changed since the old website? This could be why":



Read more here links to this, which basically explains CCR at a high level.




It also now features a history page, which is handy - though of course i keep it in excel offline also:



And - something that I used to enjoy in a veda subscription - it indicates the major contributors to your score.



All in all this is great for a free tool, and really the only things missing compared to a paid veda subscription for me (YMMV) is credit check alerts and more regular access to your file itself. For those of us playing the CC game, who also keep our own records of when and what we apply for - these changes make it easier to operate in the realm of free credit score checks.

 

[burmans]

Yeah it's good though clearly will be better with more data and you can track scores over time to gain a better view of exactly how those factors impact. For me. There is also clearly data still missing, e.g. My Home Loan.

 

[PLANT]

So if I check my score, is it only free once?
By checking more than once will this reduce my score ie. The old system more checks resulted in lower score yes/no?

 

[Jeffrey O'Neill]

i use creditsavy as I don't have a drivers license.

 

[burmans]

The old system more checks resulted in lower score yes/no?

"Checks" by a lender, yes, but not a file access by the consumer. Note also, applications for credit are a poor proxy for actual credit history so new system relies much more on the latter (except that they still have only partial history, i.e. far from all lenders are contributing).

 

[exceladdict]

So if I check my score, is it only free once?

Seems to be unlimited free access at this stage

 

[exceladdict]

i use creditsavy as I don't have a drivers license.

Note that creditsavvy checks a different database (experian) which is less "popular" with lenders than Equifax (formerly VEDA)

 

[Jeffrey O'Neill]

Note that creditsavvy checks a different database (experian) which is less "popular" with lenders than Equifax (formerly VEDA)

sadly it's the only free one i can get since i've never had a drivers license.

 

[burmans]

sadly it's the only free one i can get since i've never had a drivers license.

Can I ask how lenders are identifying you then? I suspect you still have a credit file and legally if you do the bureau must provide access!

 

[Jeffrey O'Neill]

I've been at the same address for 20 years.

There's a difference between the free ounce a year access and the regular free access that credit savvy and others provide. I just wish they'd let you use a passport instead of a driver's license.

 

[theblank]

All in all this is great for a free tool, and really the only things missing...

the thing missing from these credit scores is any relevance.
None or very few credit providers are reporting any data to make the positive credit reporting actually work.

Until the data updating has been adopted industry wide, the credit score is meaningless. The hype over it is just marketing BS to get people to subscribe to paid services for the credit file.