What do first-timers need to know about credit scores in Australia?

By FastBuySale Newsroom · 5 Nov 2026 · 25m ago

How do I get my credit score and report for free?

Credit scores in Australia are calculated from what is in your credit report, such as how much you've borrowed, how many credit applications you've made and whether you pay on time. ASIC's Moneysmart says that, depending on the credit reporting agency, your score will be between zero and either 1,000 or 1,200, and a higher score means lenders consider you less risky, which could mean a better deal.

For first-timers the most useful fact is that checking is free. Moneysmart says you have a right to a free copy of your credit report every 3 months, and it's worth getting one at least once a year. The Office of the Australian Information Commissioner (OAIC) adds that you can also get a free copy if you've been refused credit in the past 90 days or your credit information has been corrected.

If you've ever applied for credit or a loan, there will be a credit report about you, and your credit score is based on the personal and financial information in it (Moneysmart).

Request your free report from both main bodies: Experian on 1300 783 684 and Equifax on 138 332. The OAIC confirms a credit reporting body must give you access to your consumer credit report for free once every 3 months; at other times it may charge a fee, but the fee mustn't be excessive.

Some agencies may provide your score for free. You can also get your score for free from an online credit score provider, which usually only takes a few minutes; these providers use data from one or more agencies. Moneysmart points to the CreditSmart website's 'know your credit score' page to find one.

Moneysmart's warnings: when you sign up you typically agree to a privacy policy that lets the provider use your information for marketing, though you can opt out afterwards; and avoid any provider that asks you to pay or give your credit card details.

Your report also includes a credit rating, the 'band' your score sits in, for example low, fair, good, very good or excellent.

Readers evaluating Australian credit scores should separate marketing claims from the actual rule text that governs their account or product. When two summaries disagree, the governing document or statute wins. If a rule depends on your age, filing status, or income band, re-check it when any of those facts change. Life events quietly move people across thresholds they last reviewed years earlier.

Educational explainers like this one cannot replace personalized advice for complex situations such as divorce orders, inherited accounts, or cross-border tax residency. Escalate those cases to a qualified professional. When in doubt about a number that changes every year, describe your plan qualitatively first, then look up the current official figure for the tax year you care about before you act.

What is in my credit report?

Personal information: details such as your name, gender, date of birth, driver's licence number, employer and current and previous addresses.

Credit products: for each product held in the last two years, the type (such as credit card, store card, home loan, personal loan or business loan), the provider, the credit limit, opening and closing dates, and any joint applicant.

Repayment history: for the last two years, repayment amounts, due dates, whether you paid by the due date, and missed payments (not made within 14 days of the due date) and when you made them.

Credit applications: the number of applications you've made, the total amount you've borrowed and any loans you've guaranteed. Moneysmart's personal loans page warns that applying for a lot of loans can hurt your credit score; compare options first with our

Other entries: bankruptcies, debt agreements, court judgments, personal insolvency agreements, and requests for your report made by credit providers.

Who can see it: for specific reasons, another credit reporting body, a credit provider, a mortgage insurer, a trade insurer, or a debt collector acting for a credit provider (Moneysmart).

A useful habit is to write down your goal, time horizon, and cash buffer before you change any election related to Australian credit scores. Decisions made during a stressful week are the ones people reverse later at a cost. Educational explainers like this one cannot replace personalized advice for complex situations such as divorce orders, inherited accounts, or cross-border tax residency. Escalate those cases to a qualified professional.

How do defaults and hardship arrangements affect my score?

Defaults: a service provider may report non-payment of a debt, called a default, and must notify you first. This can include utility and phone bills. Moneysmart says a default can be reported if the amount is $150 or more, 60 days or more have passed since the due date, and the provider has asked you to pay by phone or in writing.

A default stays on your report for five years, or seven years in the case of a clearout (when the provider can't contact you). If you pay the debt, the default remains listed but shows as paid.

Financial hardship: if something like a natural disaster, illness, job loss or relationship breakdown affects your repayments, you can ask your lender for a financial hardship arrangement, temporary (such as deferring a payment) or permanent (such as varying a loan).

Moneysmart says a hardship arrangement does not affect your credit score. It can appear on your report only for the months it is in place (or the month the loan is varied), with no other details, you're shown as up to date if you stick to it, and the listing is deleted after 12 months.

An arrangement with a buy now pay later, phone, internet or utility provider won't appear on your credit report (Moneysmart).

If card debt is the pressure point, work out a payoff plan with our

Keep digital and paper copies of confirmations after every change. Screenshots of election pages, email receipts, and year-end statements make tax season and job changes far less chaotic. Compare fees the same way you would compare two similar listings before you buy: look at what you pay each year, what you get, and whether a simpler option meets the same need.

How do I fix mistakes or protect my credit file?

When you get your report, check that all the loans and debts listed are yours and that details such as your name and date of birth are correct.

If something is wrong or out of date, contact the credit reporting agency and ask them to fix it. Moneysmart says this is a free service.

Be wary of paid credit repair. Some companies may try to charge you to remove all negative information, but Moneysmart says the only thing they can ask an agency to remove is wrong information, which you can do yourself for free.

Loans or debts you know nothing about could mean someone has stolen your identity. You can request a temporary ban on your credit report so no unauthorised loans or credit applications are made, and the OAIC has guidance on responding to a data breach.

If repayments are getting out of control, Moneysmart says talk to your lender straight away, as early action can stop a small problem becoming a big one.

More Australian money guides: and

Found this Australian credit scores explainer useful? Share it with a friend, tell us what we missed in the comments, and get the FastBuySale app on Google Play () for more guides. Have something to sell? Post a free listing at in a couple of minutes.

If a rule depends on your age, filing status, or income band, re-check it when any of those facts change. Life events quietly move people across thresholds they last reviewed years earlier. Automation helps. Calendar reminders for annual reviews, automatic transfers, and beneficiary checkups reduce the chance that a good plan dies from neglect.

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