Written byA credit file is the record a credit reporting body holds about you: your identity details, credit applications, accounts, repayment history and any defaults or court judgments.
Also known as: credit report, credit history, credit record, credit reference
Key points
- The main files are kept by Equifax and Experian, which absorbed illion in 2026, and a lender may check either.
- Your credit score is calculated from the file; the file is the evidence and the score is the summary.
- Every application is recorded as an enquiry and stays visible for five years, so a burst of applications can itself lower your standing.
- You can get a free copy every three months from each body and have errors corrected free of charge under the Privacy Act.
What is in a credit file
The file starts with who you are: name, date of birth, current and previous addresses, employer. Then comes your credit activity. Every time a lender checks your file for an application, an enquiry is recorded. Each open account is listed with its type, credit limit and provider, and under comprehensive credit reporting the last two years of monthly repayment history sit beside it, on time or late.
The negative entries are the ones people worry about: defaults for overdue amounts above a small threshold, serious credit infringements, court judgments relating to credit, and bankruptcies or debt agreements. Since 2022, hardship arrangements are also noted for a year, separately from defaults. Each entry has its own expiry, mostly five years for defaults and enquiries.
How lenders read it
An assessor reads the pattern, not just the score. A string of enquiries in a short period suggests someone shopping for credit or being declined elsewhere. Repayment history shows whether existing commitments are met on time. Credit limits, not balances, are counted as potential debt, so an unused card with a high limit still weighs on serviceability. A paid default reads better than an unpaid one, but both stay for their term.
For a business application the lender pulls the company's commercial credit file and the directors' personal files, because a director's personal history is a strong signal of how the business will pay. Guarantors are checked the same way.
Checking and fixing your file
Each credit reporting body must give you a free copy of your file every three months, so an annual read, and one before any large application, costs nothing. The things to look for: every account is yours, the addresses are right, and nothing listed as a default was paid or disputed at the time. Mistakes happen: a phone plan closed years ago, a debt belonging to someone with the same name, a listing made while an account was under hardship.
Corrections are free. A request goes to the credit reporting body or the lender that made the listing; they must investigate and fix or explain. If they refuse, the OAIC or AFCA can look at it. Paid credit repair services cannot remove accurate information, whatever they promise.
Example
A truck driver in Dubbo is declined for ute finance and cannot see why. His broker pulls his credit file and finds two things: a default from a mobile phone plan he thought he had closed when he moved interstate, and six enquiries from online lenders he tried in the same fortnight. The phone debt had been paid, so the broker helps him lodge a correction request with the telco and the credit reporting body, and the default is removed. They wait for the enquiries to age a little, then lodge one well-prepared application with a lender chosen for his profile, which is approved.
Not to be confused with
- Credit score
- a credit score is a number calculated from the file, not the record itself
- Credit rating
- a credit rating is the band a score falls into, from below average to excellent
Frequently asked questions
How do I check my credit file for free?
Directly from each credit reporting body. Equifax and Experian, which now holds the old illion files, must each provide a free copy every three months, and within 90 days of a lender declining you because of your file. Applications go through their websites with identity documents. A paid service is not needed.
How long does a default stay on my credit file?
Five years from the date it was listed, whether or not you pay it, although a paid default is marked as paid and read more kindly by lenders. Credit enquiries also stay five years, repayment history two years, court judgments five years, and serious credit infringements seven. Bankruptcy has its own rule tied to when it ends.
Does checking my own credit file lower my score?
No. A request for your own file is recorded differently from a lender's enquiry and is not visible to lenders or counted against you. Only applications for credit create the enquiries that lenders see. Checking regularly is the best way to catch errors before they cost you an approval.
Do businesses have credit files?
Yes. Credit reporting bodies keep commercial files on companies and other entities, keyed to the ABN or ACN, recording trade credit, defaults, court actions and enquiries. When a business applies for finance the lender usually reads both the business file and the personal files of its directors or owners.
Does buy now pay later show on my credit file?
It depends on the provider. Since June 2025 buy now pay later has been regulated credit, and providers can report accounts and repayment history to the credit reporting bodies, though whether a particular provider does is up to that provider. A lender may also see BNPL commitments on your bank statements even where nothing appears on the file.
Related terms
Credit score
A credit score is a number calculated from your credit report that tells lenders how likely you are to repay, based on your borrowing history.
Read definitionCredit rating
A credit rating is an independent assessment of how likely a government, company or debt issue is to meet its obligations on time, graded from AAA down to D.
Read definitionComprehensive credit reporting (CCR)
Comprehensive credit reporting (CCR) is the system under which lenders share positive credit information, such as repayment history and credit limits, as well as defaults, on your credit file.
Read definitionEquifax
Equifax is a credit reporting body (credit bureau) that collects credit information from lenders and public records to build the credit files, reports and scores used to assess applications.
Read definitionillion
illion was an Australian credit reporting body, now part of Experian, whose consumer and commercial credit files still sit behind many lending decisions.
Read definitionDefault
A default is a borrower's failure to meet the terms of a credit contract, usually by missing repayments, which lets the lender demand the balance and enforce its security.
Read definitionGo deeper
Sources
This article is general information only and is not financial advice.