Most borrowers have never looked at their own credit file before applying for a loan — worth doing well before you need to, not after an application raises questions.
What's actually on your credit file
Your credit file typically includes your credit accounts (current and closed), repayment history, credit enquiries, and any defaults or judgments. It doesn't include your income, savings or assets — those are assessed separately by a lender.
Multiple applications can affect your file
Each formal credit application generally creates an enquiry on your file, and a cluster of enquiries in a short period can be viewed cautiously by some lenders. This is one reason it's worth having your situation reviewed by a broker before applying broadly yourself.
You can check your own file before applying
Australians are entitled to a free copy of their credit report from credit reporting bodies, and checking it before applying for a loan can surface issues — like an old default you'd forgotten about — while there's still time to address them.
Chris Brown
Managing Director & Finance Broker at New Vision Financial Services, a credit representative under Australian Credit Licence 384704 and a member of the FBAA and AFCA. More about Chris →
Frequently asked
Does checking my own credit file affect my score?
No — checking your own file is generally treated as a 'soft enquiry' and doesn't affect your credit score, unlike a lender's formal credit application.
How long do defaults stay on a credit file?
This varies by the type of default and jurisdiction, but many negative items remain on file for several years. A broker can help you understand how a specific item might be viewed by different lenders.
Can I get a home loan with a less-than-perfect credit history?
It depends on the nature and age of the issue. Some lenders take a more considered view than others, which is part of why comparing across a panel — rather than applying to one lender directly — can matter.