Clients often ring us up and ask:
“I’ve been on a few websites to get my credit score but they are different, why?”
“I have gotten Credit Files from different bureaus, why are they different?”
The reason for credit score differences:
Every credit reporting website is managed by a different credit reporting bureau, which have their own database about your credit history. Some credit reporting bureaus have more information than others due to which bureau the credit providers choose to report to. This is why there are differences in credit scores and the information listed on your credit files.
Many Australians are unaware of this and unfortunately rely on the information provided by one credit reporting bureau. A lender may choose to use the information from one credit reporting bureau’s database only, or may choose to search all the databases of credit reporting bureaus, before approving your application. It is the lender’s decision as to which credit reporting bureau they use when assessing your application.
In Australia, there are 4 credit reporting bureaus:
- Veda Advantage
- Dun and Bradstreet
- Tasmanian Collection Service (for Tasmanian residents only)
Credit reporting bureaus gather their information provided by thirds parties when you apply for credit through banks, phone companies, utility company, lenders and when individuals contact the bureaus when getting credit files or credit scores.
Everyone wants to be able to apply for that new car, home, brand new phone plan and even for the basis essentials such as power and gas with confidence. By being aware that there is a possibility that each credit reporting bureau has different information on you, ensures that you are never caught off guard by a declined application again
Do not put yourself at risk by not knowing what is recorded on each of the credit reporting bureaus databases and being unaware of your financial position.
Real Credit Repairers can help you gain this financial confidence and independence. We will assist you with how to obtain your credit score and credit files from the different credit reporting bureaus.
We also recommend www.getcreditscore.com.au for finding out your credit score.