What is Credit Reporting?
When you apply for credit we need to have enough information to help us and other financial institutions to lend responsibly. Please keep in mind that when you applied with us, you would have been given a Privacy Notice.
Credit Reporting obligations balance protecting your personal information with the lenders need to access your credit history. The Privacy Act regulates how we may collect, use and disclose your consumer credit-related personal information. For more information, please visit www.creditsmart.org.au
What is a Credit Report/Credit File?
A credit report is a detailed record of your credit history. Credit Providers such as banks, credit card providers, store card issuers and other businesses such as Utilities and Telcos that you have accounts with, can list credit enquiries (when you apply for credit) and defaults (significantly overdue payments) on your report. Licensed credit providers, such as banks and financial institutions, can also list whether you’ve made your payments on time. This gives other credit providers important information about how you manage your loans and debts.
Why is my LatitudePay and LatitudePay Plus account showing on my Credit Report?
Latitude conducts credit checks as part of our application process. These checks help Latitude considers your financial situation when making a decision on your application. This information also assists us to determining the credit limit that is provided to you. You can see which credit providers have done credit checks as an “enquiry” on your credit report.
Where can I get a copy of my credit file?
You are entitled, by law, to obtain one free credit report every 3 months, or within 90 days of being declined credit. The 3 Credit Reporting Bodies Latitude uses are:
Illion Pty Ltd
Postal address: illion Public Access Centre, PO Box 7405, St Kilda Road, Melbourne, VIC 3004
Postal address: PO Box 964, North Sydney, NSW 2059
Experian Australia Credit Services Pty Ltd
Postal address: PO Box 1969, North Sydney, NSW 2060
What is a Credit Score?
Credit scores are calculated by Credit Reporting Bodies (CRB) to determine how likely it is that you will pay back money after taking out credit with a credit provider (lender). The higher your score, the more likely it is that a credit provider will offer you credit.
You can get your credit score from the following websites:
Get Credit Score
What is a Credit Enquiry?
When you make an application for credit, it will be listed on your credit report as a 'credit enquiry'.
A credit enquiry will include:
- The date and the type of credit you have applied for (a buy now pay later, personal loan, credit card, or motor loan),
- Whether you are a sole or joint borrower (including acting as a guarantor for another loan), and
- the amount (if known at the time of Latitude conducting a credit enquiry)
These enquiries serve as a timeline of when you have applied for new credit and remain on your credit report for five years.