What is a credit file?

Your credit file contains your personal information, including your name, date of birth, address and gender.

It also contains information about your credit history, including:

  • Which lenders you have applied for loans with during the last five years,
  • Any defaults, court writs or judgments in the last five years and
  • Any history of bankruptcy in the last seven years.

Your credit history is one of the most important things that banks take into account when you apply for finance to purchase or refinance. Knowing your credit history can help you make various decisions in applying for the right type of home loan.

Information on your credit history

Veda Advantage is the largest credit reporting agency in Australia. As a credit reporting agent, Veda Advantage holds credit information files on individuals, in accordance with the Federal Privacy Act 1988.

Banks and other financial institutions often check Veda’s database when you apply for loans. The lenders will then use this information to give your loan a credit score which is used to categorise you into a credit rating.

You have the right to request copies of the information they hold about you under the Privacy Act. However, you are only entitled to request a copy of your own credit history.