Frequently asked credit questions

Frequently asked credit questions around the basics of credit.

• If I apply for credit, and am rejected or decide not to use the loan, will that appear on my credit report?

  Yes – the credit provider will get a copy of your credit report to help them assess your application. The details of that application will stay on your credit report for 5 years even if the credit provider doesn’t approve you or you get approved but decide not to use the loan.

• I have a copy of my credit report but I don’t understand it – where do I go for help?

  Speak to the credit reporting body that provided the report, your credit provider, or a community legal centre. You can also see a financial counsellor for help with your credit report. Financial counsellors work in community organisations and provide advice about credit and debt issues. Financial counselling is free, independent and confidential. 

• Does a credit reporting body decide if I get approved for a loan?

  Credit reporting bodies don’t make lending decisions – they only collect and hold data, and provide the information in your credit report to credit providers. It’s the credit provider that decides whether or not to give you credit.

• How safe is my information?

  The Privacy Act (which regulates credit reporting) requires credit providers and credit reporting bodies to take reasonable steps to keep the information that they hold secure.

  If you are uncertain whether some specific information should still be on your credit history, you should contact the credit reporting body, or a community legal centre for advice.