Written byillion was an Australian credit reporting body, now part of Experian, whose consumer and commercial credit files still sit behind many lending decisions.
Also known as: illion Australia, illion credit bureau, illion credit report
Key points
- illion is now part of Experian. Australia has two main credit reporting bodies, Experian and Equifax, where it once had three.
- illion.com.au now redirects to Experian, so requests for a report, a score or a correction go through Experian.
- Files draw on credit providers, court and public records, default listings, bankruptcy notices and the enquiries lenders make.
- Each bureau scores on its own model and scale, so an Equifax number will not match the one you saw from illion.
- You can request your report, dispute an error and escalate to the OAIC under the Privacy Act and the Privacy (Credit Reporting) Code.
What happened to illion
illion ran a credit bureau covering both consumers and businesses, and was for years one of three credit reporting bodies operating in Australia alongside Equifax and Experian. It has since been absorbed into Experian: illion.com.au redirects there, and Moneysmart now names two main credit reporting bodies rather than three.
For a borrower, the practical change is where you go. A file that was an illion file is now handled by Experian, so a report request, a score, a dispute or a correction all run through Experian. The data itself, and the rules governing it, have not changed: the Privacy Act and the Privacy (Credit Reporting) Code still set what can be held and for how long.
What is in the credit report
A consumer file can hold your name, date of birth, current and previous addresses and known aliases, open and closed credit accounts with their limits, repayment history, default listings, court judgments and insolvency records, plus a log of who has asked for your report and when. A business file adds the ABN or ACN, business credit exposures and director associations.
Retention differs by data type. Repayment history is commonly kept for 24 months, while defaults, court judgments and insolvency records generally sit on the file for around five years, and enquiries can stay visible for a similar stretch. Financial hardship information is held for 12 months and cannot be used to work out a credit score.
Getting your report and fixing an error
A free credit report is available from each credit reporting body every 3 months, and again after a credit refusal or after a correction is made. Have identification ready, along with any earlier address and the details of the item you are querying. If something is wrong, lodge a dispute with evidence such as statements, receipts or court documents. The bureau must deal with the request within 30 days unless you agree to an extension, and correct or annotate the file where that is warranted.
Where a credit provider supplied the information, the dispute is usually referred back to them. Unresolved complaints can go to the Australian Financial Complaints Authority, and privacy complaints to the OAIC. On the other side of the counter, a business may only access a consumer file for a permitted purpose, such as assessing an application or running know your customer checks.
Not to be confused with
- Equifax
- Equifax is the other main Australian credit reporting body, with its own data and its own scoring model
- Comprehensive credit reporting (CCR)
- comprehensive credit reporting is the regime that sets what lenders share; a credit reporting body is what stores and scores it
- Credit score
- a credit score is the number a bureau calculates; illion was one of the bureaus that calculated it
Frequently asked questions
Is illion still a credit bureau?
Not as a separate one. illion is now part of Experian, and illion.com.au redirects there. Australia has two main credit reporting bodies, Experian and Equifax. Data that sat in an illion file is handled by Experian, under the same Privacy Act rules.
How do I get my illion credit report now?
Request it from Experian. You are entitled to a free credit report from each credit reporting body every 3 months, and again after a credit refusal or a correction. Have identification and any earlier address ready before you request the file.
How long does a default stay on my credit file?
Default listings are typically retained for around five years from the date of the listing. Repayment history is commonly held for 24 months, financial hardship information for 12 months, and court judgments and insolvency records for a similar period to defaults.
How do I fix an error on my credit report?
Lodge a dispute with the credit reporting body, explain what is wrong and attach evidence such as statements, receipts or court documents. The investigation is dealt with within 30 days. If a lender supplied the data the dispute goes back to them, and unresolved matters can go to AFCA or the OAIC.
Will checking my own credit report affect my score?
No. Checking your own file does not affect your score. Applications for credit leave an enquiry that other lenders can see for a period, which is why several applications in a short stretch can read as higher risk.
Related terms
Equifax
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 definitionCredit 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 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 definitionCredit
Credit is the ability to borrow money or receive goods and services now in return for a promise to repay later, usually with interest and fees on agreed terms.
Read definitionOAIC
The OAIC is the Office of the Australian Information Commissioner, Australia's independent privacy regulator, which enforces the Privacy Act, the Australian Privacy Principles and the Notifiable Data Breaches scheme.
Read definitionPrivacy Act
The Privacy Act 1988 is the Australian law that sets out how government agencies and many organisations must collect, use, disclose and correct personal information, including credit reporting data.
Read definitionGo deeper
Sources
This article is general information only and is not financial advice.