Definition
A credit file is a record held by a credit reporting body about an individual's or business's credit history. Personal files cover consumer credit, repayment history, defaults, judgments, insolvency and enquiries. Commercial files cover companies and businesses, including commercial enquiries, trade defaults and court actions. Lenders use both to assess business loan applications, and you can access your personal file and correct errors.
Your credit file is the history lenders read before deciding whether, and on what terms, to lend.
Personal and commercial files
Personal (consumer) files record your history with consumer credit. Commercial files record information about companies and businesses. Small business lenders usually check both, because the owners’ habits shape how the business is run.
What is in a file
Typical entries include identity details, credit accounts and limits, repayment history, defaults, court judgments, insolvency and credit enquiries. Scores are calculated from this information by each credit reporting body.
Keep it accurate
Check your file before applying for finance and dispute anything incorrect. The OAIC explains your rights. Our guide to business credit scores explains how lenders use it. For options that suit your history, make one enquiry.
Common questions
How do I get my credit file?
Ask each of the major credit reporting bodies for a copy of your own report. Access is free in certain circumstances; the OAIC explains how.
Can I correct mistakes on my credit file?
Yes. Contact the credit reporting body or credit provider with evidence and ask for a correction. They must investigate.
Sources and further reading