Section CR · Correction

Fixing an error on your credit report

If something on your credit report is wrong, you can ask the credit provider that listed it, or any credit reporting body, to correct it, and there is no charge. If they are satisfied it is incorrect, they must take reasonable steps to correct it within 30 days, or a longer period you agree to.

General information, not financial or legal advice. Check the current rules with the OAIC’s pages on correcting your credit report and credit reporting complaints.

CR.1What counts as an error

A credit reporting body must take reasonable steps to make sure the information on your report is accurate, up to date, complete and relevant. Moneysmart sorts the common mistakes by who made them:

Made by the credit reporting body

  • Out-of-date personal details: your name, date of birth or address
  • The same debt appearing two times
  • A debt shown at the wrong amount

Made by the lender

  • A payment of $150 or more incorrectly listed as overdue by 60 days or more
  • No notice given to you about an unpaid debt
  • A default listed while you were in dispute about it
  • An agreed payment plan or change to the contract not shown
  • An account created by mistake, or through identity theft

What is not an error: information that is correct. You can’t change or remove correct information, even when it’s negative.

CR.2The process, in order

  1. 01First

    Get a free copy and look

    The OAIC’s first step is to ask a credit reporting body for a free copy of your report and check what it says. You can have one free every 3 months. Getting your report has the details.

  2. 02Then

    Ask for the correction

    The OAIC suggests going first to the credit provider that holds the information, which it calls, depending on the type of information, the most efficient way to have a correction made. You can also ask any credit reporting body.

    There is no wrong door: if the one you ask can’t help, it is required to consult the other credit providers or credit reporting bodies to complete your request.

  3. 03Their answer

    The answer

    If they are satisfied the information is incorrect, they must take reasonable steps to correct it within 30 days, or longer if you agree, and send a written notice of the correction to you and to anyone they gave the information to, within a reasonable period.

    If they aren’t satisfied it is incorrect, they must write to you with their reasons and tell you that you can go to an external dispute resolution scheme or make a complaint.

  4. 04After a correction

    Check it took

    The OAIC suggests asking for a new copy of your report to confirm the change was made. A copy after a correction is free.

  5. 05If you disagree

    Complain to them

    A complaint about information on your report goes to the credit provider or credit reporting body concerned. They must acknowledge it within 7 days and decide within 30 days. If they think it will take longer, they must tell you before the 30 days are up and ask you to agree to an extension for a reasonable period.

  6. 06Still not resolved

    External dispute resolution

    Credit providers in the credit reporting system, and credit reporting bodies, must belong to an external dispute resolution scheme recognised by the OAIC. The OAIC names the Australian Financial Complaints Authority (AFCA) and the Telecommunications Industry Ombudsman as examples. Moneysmart describes AFCA’s dispute resolution as free.

  7. 07Or directly

    The OAIC

    If you’re not satisfied after external dispute resolution, or would rather go straight to the regulator, you can complain to the OAIC. The complaint must be in writing, not by phone, and the OAIC says: “We may decide not to investigate a complaint made more than 12 months after you became aware of the act or practice.”

CR.3Someone can ask on your behalf

You can ask a third party, called an access seeker, to request corrections for you. The OAIC mentions two situations: if you are experiencing domestic or family violence, or if you are a victim of fraud or identity theft. Financial counsellors and community lawyers can help you deal with a credit provider or credit reporting body.

You sign a written authority to give the access seeker permission, and credit reporting bodies and credit providers recognise these authorities. If a correction is proving hard, Moneysmart suggests a free financial counsellor.

CR.4When the account was never yours

Loans or debts you know nothing about could mean someone has stolen your identity. Alongside the correction, you can ask for a free 21-day ban on your report being used in credit checks, which can be extended. Moneysmart’s identity theft page covers the rest.

Some companies charge to remove negative information. Moneysmart’s point is that wrong information is all they can ask a credit reporting body to remove, and you can ask for that yourself at no cost. See credit repair businesses.