How to Read a Credit Report in Australia (2026 Plain-English Guide)

Quick Answer: An Australian credit report has six main sections: personal information, credit accounts and repayment history, credit enquiries, defaults, court judgements, and insolvency arrangements. Read it in order, check every entry against your own records, and flag anything you don't recognise — an unknown account, an enquiry you didn't authorise, or a default you weren't notified about. Under the Privacy Act 1988, any inaccurate or unlawfully listed entry can be formally challenged.

Getting your credit report is step one. Actually understanding what you're looking at is step two — and where most people get lost. Credit reports are written for bureaus and lenders, not for the people they're about.

This guide translates every section into plain Australian English, tells you what's normal, what's concerning, and exactly what to do when something doesn't look right.

Before You Start: Get All Three Reports

Your credit file is held separately by three bureaus — Equifax, Experian, and Illion. Each report can contain different information, because different lenders report to different bureaus. Review all three — a default might appear on one but not the others.

For step-by-step instructions on requesting each report for free, see how to get your free credit report.

Section 1: Personal Information

What it contains: Your full legal name, date of birth, current and previous addresses (typically last 2–3), employer name, driver's licence number (if provided), and any aliases or previous names.

What to check:

• Is your name spelled correctly? Middle name included or excluded correctly?
• Are all addresses yours? Unfamiliar addresses can indicate identity fraud or file cross-contamination with another person
• Is your date of birth accurate? Even a one-digit error can cause misidentification

Red flags: An address you've never lived at, a name you don't recognise as an alias, or an employer you've never worked for. These suggest your file may be mixed with someone else's — which can mean another person's negative entries are appearing on your report.

Section 2: Credit Accounts and Repayment History

What it contains: Every credit account opened in your name — home loans, car loans, personal loans, credit cards, lines of credit — with the lender name, account type, credit limit or loan amount, open/close date, and 24 months of monthly repayment history.

Repayment history codes (vary slightly by bureau but broadly consistent):

What to check:

• Are all accounts yours? An account you don't recognise could be identity fraud
• Are the credit limits and loan amounts correct?
• Are any months marked as late that you believe you paid on time?
• Are closed accounts shown as closed?

Red flags: Any account you didn't open, any month marked late that you have bank records showing on-time payment, or a limit/balance that's significantly wrong.

Section 3: Credit Enquiries

What it contains: Every formal credit application in the past 5 years, with the lender name, date, and type of credit. This is the complete record of who has accessed your credit file to assess a credit application.

What to check:

• Do you recognise every enquiry? Can you match each one to a loan application you made?
• Are there clusters of enquiries in short periods that might reflect rejected applications you've since moved on from?
• Are there any enquiries from lenders you never applied to?

Red flags: Enquiries you don't recognise at all could indicate identity fraud. Enquiries from a broker or comparison website you used but didn't realise would trigger multiple hard searches may have been made without proper consent — and can be challenged under the Privacy Act 1988 and Credit Reporting Code. See credit enquiry removal for options.

Section 4: Defaults

What it contains: Formal default listings — creditor name, type of credit, amount, date listed, and status (unpaid or paid). This is the most damaging section of any credit report.

What to check:

• Do you recognise the creditor and the debt?
• Did you receive a written notice at least 30 days before the listing? (Required under Section 21D of the Privacy Act 1988)
• Was there an active dispute with the creditor when it was listed?
• Is the amount listed exactly what you owed at the time — not more?
• When was it listed? Calculate: if it's more than 5 years ago, it should be removed

Red flags: A default you weren't notified about, a default listed while a complaint was open, an amount that's higher than the actual debt, or a default that's more than 5 years old. All of these are potential grounds for removal under the Privacy Act 1988 — see default removal services.

Section 5: Court Judgements

What it contains: Formal court orders for debt recovery — the creditor, amount, court, and date of judgement.

What to check:

• Is this judgement yours? Court judgements are matters of public record and are rarely listed in error, but identity fraud cases can produce fraudulent judgements
• Was it satisfied (paid/settled)? Some bureaus mark satisfaction; others may not update promptly
• Is it more than 5 years old? It should be removed

Red flags: A judgement you have no knowledge of, or a satisfied judgement still shown as unsatisfied. Contact the bureau directly if a judgement shows as unsatisfied when you have proof of payment.

Section 6: Insolvency Arrangements

What it contains: Any formal insolvency events — bankruptcy, Part IX Debt Agreements, Part X Personal Insolvency Agreements.

What to check:

• Is the arrangement yours?
• Is the discharge date correct? Bankruptcy should be removed 5 years from discharge or 7 years from filing — whichever is later
• Is a completed agreement still showing as active?

Real Case Study: Tobias, Geelong — One Report Review Changed Everything

Tobias, 44, a secondary school teacher from Geelong, had been declined for a car loan and assumed it was because of a tight period financially three years earlier. He'd never looked at his credit report. When he finally did — prompted by the declinal and his entitlement to a free report under the Privacy Act 1988 — he found something unexpected.

His report showed a $2,100 court judgement in his name from a telecoms provider. He'd never had a court judgement. He'd moved twice in four years and had changed providers — but he'd always paid his bills. He checked the address associated with the account: it was his address from 2019, not his current address. The provider had obtained a default judgement in absentia — he'd never been served the court documents.

He contacted ACS immediately. We confirmed this was a case of process failure by the provider, who had obtained a court judgement without successfully serving the defendant — a procedural problem that made the judgement challengeable.

We lodged a formal challenge with the provider and the bureau, providing documentation of Tobias's address change notification and the service failure. The judgement was removed in 37 days.

Result: Tobias's Equifax score moved from 447 to 714 in 37 days — a 267-point improvement from a single judgement removal. He was approved for a car loan at 9.4% p.a. through a mainstream lender. He only paid when we succeeded. Subject to individual assessment; results may vary.

What to Do When You Find Something Wrong

1. Document it — screenshot or print the relevant section; note the creditor name, amount, and date
2. Gather evidence — bank statements, receipts, complaint records, any written correspondence with the creditor
3. Contact the credit provider — in writing, state the specific issue and request correction or removal; cite the Privacy Act 1988
4. If unresolved, contact the bureau — each has a formal dispute process
5. Escalate to AFCA if the bureau and provider don't resolve it — afca.org.au
6. Get professional help for complex cases — free credit assessment with ACS, no obligation

Frequently Asked Questions

What does a default on a credit report mean in Australia? A default on your Australian credit report means a credit provider has formally recorded that you failed to pay a debt of $150 or more after being given the required notice. It's the most damaging single entry on most credit files, reducing scores by 80–200 points and triggering automatic decline at most mainstream lenders. Defaults stay for 5 years unless successfully challenged under the Privacy Act 1988.

What do the payment history codes mean on an Australian credit report? Payment history codes show whether each monthly payment was made on time (typically shown as OK or 0) or how many days late it was (1 = 30–59 days, 2 = 60–89 days, etc.). Under Comprehensive Credit Reporting since 2018, 24 months of this history is visible — including on-time payments, which positively affect your score.

Can I dispute information on my credit report in Australia? Yes. Under the Privacy Act 1988, you have the right to challenge any entry on your credit report that is inaccurate, incomplete, or unlawfully listed. You can dispute directly with the credit provider or the bureau. For complex or contested disputes, professional credit repair through an ASIC-licensed company like ACS can improve the likelihood of a successful outcome.

What is a credit enquiry on my report and should I be worried? A credit enquiry is a record of a formal credit application — every time you applied for a loan, credit card, or phone plan, the lender accessed your file and that access is recorded. One or two enquiries per year is normal. Five or more in 12 months is a red flag for lenders. If you see enquiries you don't recognise, challenge them — they may have been made without proper consent.

How far back does an Australian credit report go? Credit files contain different information for different periods. Defaults and court judgements go back 5 years; serious credit infringements 7 years; hard enquiries 5 years; CCR repayment history 24 months rolling. Older information is automatically removed by the bureau when the retention period expires.

Unsure What You're Looking At? We Can Help.

Reading a credit report for the first time is overwhelming. A free assessment from ACS reviews your file with you, explains every entry in plain English, and identifies anything that can be challenged.

Australian Credit Solutions is ASIC-licensed (ACL 532003), lawyer-led by Principal Solicitor Elisa Rothschild, and has helped over 5,000 Australians understand and improve their credit files since 2014. No Win No Fee. 98% success rate on accepted cases.

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Australian Credit Solutions Pty Ltd holds Australian Credit Licence ACL 532003. Credit repair services are subject to individual assessment. Results may vary. This article provides general information only and does not constitute legal or financial advice.

Related reading: How to Get Your Free Credit Report → | Default Removal Services → | Credit Enquiry Removal →