Knowing the distinction between a credit report and a credit score might be challenging. In this informative article, we’ll explain what the differences are between them so you know exactly what everything entails. Continue reading to learn more about credit scores, credit reports and how to clear credit history!

What is a credit report? –

A credit report is a compilation of your financial history that includes data from numerous sources, including credit card companies, banks, payday lenders, and retail credit issuers.

What, specifically, can you anticipate to discover in your credit report? There are several components to the report, including: Personal information (your name, gender, birthday, driver’s license number, address and employment history), the amount of credit inquiries you’ve made over time, your repayment track record (whether you fulfill your obligations on time or not), and defaulters (debts of $150 or more that were not paid within 60 days and have been recorded by your credit provider).

The Privacy Act 1988 regulates the information included in your credit report, including how and when it may be viewed. This legislation strives to balance consumer privacy with the necessity of providing credit providers with access to essential data so that they can provide credit to people. Each year, you have the opportunity to examine your credit report for free.

Your credit report cannot be modified unless there is evidence that the information in it is incorrect. If your report contains inaccurate data, you are entitled to dispute it under the Privacy Act. You may request an inquiry into your credit history by contacting Equifax and asking them to investigate on your behalf. For this purpose, they have a Corrections Portal available.

What is a credit score? –

The credit report is different from the credit score, which is a number. The Equifax Credit Score takes your report’s information at a particular moment and transforms it into a number between 0 and 1,200. The credit report offers more details, whereas the credit score provides a single number that indicates your trustworthiness.

For example, two individuals with the same credit score might not have identical information in their credit reports. The components that influence a person’s credit score are numerous.

Equifax Credit Score is a credit score used by Equifax to evaluate your financial standing and determine whether or not you’re qualified for a loan. Equifax uses a sophisticated credit scoring system that it has developed over years of expertise in credit reporting. When you check your Equifax Credit Score, it will appear as a number as well as a percentage range indicating where you stand among other Australian citizens with excellent or good credit.

At Credit Repair Ausvengers, we understand the importance of having a good credit score and how it can impact your life. That’s why we work so hard to clear credit history, so you can obtain finance when needed. We hope this article has helped clear up any confusion between your credit score and credit report. If you have any further questions or need assistance repairing your credit file, please don’t hesitate to contact us.