What is a credit score or credit rating?
A credit score, also known as a credit rating, is a number calculated by a credit bureau (a credit reporting agency) to represent how trustworthy your reputation is as a borrower. Your credit score will typically be on a scale of 0-1,200 or 0-1,000 depending on the bureau you use. The higher your credit score, the better your position currently is.
Your credit score is one of the factors lenders may use to decide whether or not you are eligible for a credit product, and when deciding what interest rate to charge you.
- How often can you check your credit score? As often as you like typically, but there may be a limit on the number of free checks you can do.
- How long does it take? The response is usually instant – after you have provided some identification information.
- What does it cost? Usually you can do a credit score check for free, but there may be an upper limit on the number of free checks you can do.
Find out more about credit scores

What is a credit report?
Your credit report contains details about your credit history. The information in your report is used to calculate your credit score. The system of credit reporting in Australia is knows as ‘comprehensive credit reporting’, meaning both negative and positive information could be included on your report.
Your report may show things like details of any applications you have made for credit cards, loans, or other products; current credit accounts you hold and ones you have had in the past; overdue accounts or late payments, bankruptcy, and other financial information. Your credit report may also contain positive information about your history, such as details of the regular repayments you have made in full and on time.
- How often can you access your credit report? Usually once a year for free (a charge might apply for additional checks).
- How long does it take? Up to 10 days for a free credit report, or you may be able to pay for a quicker turnaround.
- What does it cost? It’s typically free for a credit report to arrive in up to 10 days, or you may need to pay for a credit report that arrives sooner.
Find out more about comprehensive credit reporting