At Credit File Experts, we understand the value of moving fast when there is a concern about your credit file. You’ve just been knocked back from getting the credit card, home loan or car loan you were seeking and no one will tell you why! The company who rejected your application said they won’t tell you, and in fact, they don’t have to tell you why your loan was rejected. It’s likely your broker is in the dark as to why you were rejected, and last month you had a credit card approved with no dramas, so what has happened with this car loan application! This scenario is one of the quickest ways to bring on a cold sweat and make you feel stressed out.
Yes, you can absolutely go to Equifax and apply for a free copy of your credit file and wait for 10 business days (yes, 2 weeks) to receive it (as long as it doesn’t get lost in cyber space or the postal system). You cannot stop there though, you also need to get a copy of your Dun & Bradstreet Credit File to get the whole picture of why you got rejected. There are (at least) 2 credit reporting companies in Australia and not all information is held on both files. In fact, some information is held on one file and not on the other, but all credit providers check both files before they approved your loan or credit application.
So, yes, you can also go to Dun & Bradstreet and apply for a free copy of your credit file and wait 3 business days to receive it (once you get the account set up, which involves providing proof of identification, which may include your passport information (Australian or International)). If Dun & Bradstreet are unable to match your details, you will also be required to upload copies of additional ID documentation. NB: I spoke to someone last week who had tried to get a copy of her D & B credit file and it took her over 10 days just to get the account set up!
Then when you get both your credit files you have to work out what everything means and how to navigate them. What is good and what is not good and what needs fixing on the files. And yes, you can absolutely call Equifax and Dun & Bradstreet to do this (as long as you have time to sit on hold for as long as is necessary to speak to someone (we’ve all been there!)).
Alternatively, you can take all the stress out of this situation and get the 2 files through us in one go. We have direct and instant access to both Dun & Bradstreet and Equifax credit files. It takes us less than 5 minutes from when we set up your account with us, to us getting the files for you.
We then spend our time assessing your credit files carefully and preparing an in-depth report for you; detailing exactly what is going on – the good points about your file, as well as the bad, what can be improved (by yourself, or with our help) and what cannot be improved (and the best things to do under these circumstances). We then email you all 3 reports and call you to explain everything carefully, answer any questions you have, and provide extra advice on your options moving forward.