What Is A Credit Check?
Credit checks are also known as ‘credit history checks’ or ‘credit reference checks’. Lenders carry out credit checks when individuals or businesses apply for a line of credit.
Why do you need to know?
When you move here you will most likely apply for a house for rent or potentially a mobile phone plan and many more services. Most service providers will perform a credit check on you. When a kiwi arrives to Australia you affectively have no credit rating because you have not been living in Australia, earning income and spending, therefore you are not in the system.
Heres a list of services you can expect to be credit checked on
- Credit Cards
- Personal Loans
- Mobile Phone plans
- Mobile Phone
- Store Cards
- Mortgages
- Applying for a Rental
- Connecting Utilities
- Purchasing a Vehicle (Hire Purchase)
Hot Tip
Get your credit score and any credit references you may have and bring them with you to Australia. You can often use these paired with an explanation that you have recently arrived to Australia (when first applying for credit, houses etc)
You can purchase your NZ credit file or get the free one!
In Australia, lenders (such as banks and credit card companies) usually contact an independent credit bureau (such as Equifax) to access a credit file or credit report.
Need more information about credit checks in Australia? Head to more of our content here Credit Checks NZRelo
