Credit Report
A record of a borrower credit history held by Australian credit reporting bodies.
In detail
Credit reports in Australia contain identity details, current and past credit accounts, payment history, credit enquiries, defaults, court judgements, and bankruptcy history. Since the move to comprehensive credit reporting, reports now include repayment history information showing whether accounts have been paid on time each month for up to 24 months.
Lenders pull their own credit report during assessment but brokers increasingly pull reports upfront with the client consent. Catching issues early means brokers can plan around defaults, paid but unresolved debts, or multiple enquiries before they derail an application at credit.
Why it matters for brokers
A clean credit file is the foundation of a smooth application. Spotting issues at fact find rather than at credit assessment saves time and gives the client an honest view of their options.
Example in practice
A broker pulls a credit report for a client and finds a $900 telco default from three years ago that the client forgot about. The broker has the client pay it out and request the default be marked as paid before lodging the application, avoiding a policy decline at the preferred lender.
Related terms
Credit Card Limit
The maximum amount a credit card holder can spend on a card, whether or not the balance is drawn.
Dishonour Fees
Fees charged by a bank when a direct debit or scheduled payment fails because the account has insufficient funds.
Personal Loan
An unsecured or secured loan for a fixed amount repaid over a set term with regular repayments.
Buy Now Pay Later (BNPL)
A short term instalment credit product that lets consumers split a purchase into equal instalments without interest.
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