Understanding your credit history

Your credit history plays an important role in the finance application process. Equifax is one of Australia's leading credit reporting bodies, providing information about your credit accounts, repayment history and previous credit enquiries.

At Formal Finance, reviewing your credit report helps us better understand your financial commitments and identify any matters that may need to be addressed before approaching a lender.

This allows us to consider your circumstances more thoroughly and take an informed approach to your finance application.

1. We Request Your Authorisation

Before obtaining your credit report, we send you a separate credit report consent form to review and sign. This ensures you understand and authorise the proposed credit report request.

2. We Obtain Your Credit Report

Once we have received your signed authorisation, we arrange to obtain your credit report through Equifax.

3. We Review Your Credit Information

We review the information available, including existing credit facilities, repayment history, previous credit enquiries and any reported defaults or other relevant matters.

4. We Discuss Any Relevant Findings

If we identify information that requires clarification or could affect your lending options, we'll discuss it with you before progressing your application.

We understand the importance of protecting your personal and financial information.

Formal Finance requests your written authorisation before obtaining your Equifax credit report. Your credit information is handled in accordance with applicable privacy and credit reporting requirements and used to assist with assessing your financial circumstances and finance requirements.

Checking your own credit report does not affect your credit score. A credit report request made by a finance broker, however, may be recorded differently depending on the type of enquiry and the service used.

We can explain the nature of the credit report request before you provide your authorisation.