Credit File Useful Information

  • It can be useful to check your credit file before you apply for a credit card, home or business loan, mobile phone plan or “quick loan”. You will be able to see the credit information that is shared with lenders and credit providers (such as banks and utility providers) when they access your credit file.
  • Make sure overdue debts aren’t recorded on your Equifax credit report by paying loans and bills on time. For example, consider consolidating your debts in order to pay off any loans faster or to reduce fees associated with several individual loans. If you’re having trouble, consider talking to a financial counsellor or your credit provider to arrange a payment plan.
  • If you’re moving house get in touch with all your credit providers (banks, utilities, phone company, etc.) to make sure your bills are redirected to your new address.
  • Do your homework before you apply for credit, and only apply for credit when you need it. Making multiple applications for credit within a short space of time can reduce your VedaScore and make you seem less attractive to credit providers.
  • Regularly check your Equifax credit report. This helps to ensure no one uses your identity to obtain credit or to commit an identity crime.
  • It’s important to note that references to overdue debts are not removed from your file just because the debts have been cleared. They’ll still remain on your file for five years. However, the relevant credit provider will update your credit file to reflect the fact that the debt is no longer overdue.
  • Equifax does not advise lenders on whether they should accept or reject a credit application. They simply supply your credit file to the lender, and the lender uses that information as part of their own assessment process.
  • When you apply for a copy of your credit file, your contact information such as postal address, employer and telephone numbers are also added to your credit file for credit providers to access.