Equifax is a global data and analytics company that supplies credit reports and scores to Australian lenders. Its Australian business is one of the country’s two consumer credit reporting bodies. For a mortgage broker, the report helps identify credit-history problems before a home-loan application reaches the lender.
What Equifax Does in Australia
Equifax collects credit information and uses it to produce the files and scores lenders consult when assessing applications. Its Australian business grew from Veda Advantage. Equifax acquired Veda in 2016 and rebranded it in 2017.
Under comprehensive credit reporting, an Equifax file includes positive information, such as on-time repayments, alongside negative information, such as defaults and court judgments. A client’s file therefore shows more than debts that went unpaid. Our guide to credit reporting agencies explains the wider reporting system.
Equifax and Experian are Australia’s two consumer credit reporting bodies. CreditSmart explains that Experian and illion now operate as one bureau. Older lender documents can still name illion. Different lenders use different bureau data, so identify which report each target lender uses.
Equifax Scores and Free Reports
An Equifax credit score ranges from 0 to 1200. It summarises the credit information Equifax holds about the client. A higher score indicates lower credit risk under its scoring model.
Experian also publishes a 0 to 1200 range for its consumer score. The same number from each bureau is not directly comparable because their models and the information they hold can differ. For example, a client quoting 800 from each bureau has supplied two separate assessments, not two copies of one score. Our guide to how lenders use credit scores explains their role in a home-loan decision.
Anyone can request a free Equifax credit report every three months. The client must verify their identity. A free report provides the underlying credit history, while a score is a separate calculation from that information.
Use the Bureau Data Before the Lender Does
Review the client’s Equifax file before lodgement, using your aggregator’s authorised credit tools or a free report the client obtains and shares. Read the entries behind the score and ask the client about anything unexpected.
- Check late repayments against the client’s account records and explanation.
- Investigate clusters of enquiries, including applications for other lenders’ pre-approvals.
- Review old defaults and confirm paid debts show the correct payment status.
- Check for duplicate debts, incorrect personal details and entries belonging to someone else.
Each credit application that prompts a lender to obtain the report adds an enquiry to the file. The enquiry remains recorded even if the application is declined or the client never uses the credit. Repeated applications in a short period can affect the score. Resolve errors and document explanations before lodging another application.
Help Clients Correct Their Records
Clients can dispute incorrect information directly with Equifax through its credit-report correction process. Common issues include a debt listed twice after refinancing, a default recorded without the required notification or a record confused with a family member’s.
Identify the disputed entry and gather the account records that support the correction. The client can also contact the credit provider that supplied the information. After a correction, review the updated report and confirm the entry now matches the outcome.
If Equifax’s investigation does not resolve the complaint, use its internal dispute resolution process. An unresolved complaint can then go to the Australian Financial Complaints Authority (AFCA) or the Office of the Australian Information Commissioner (OAIC), depending on the issue. Equifax’s correction guidance sets out these escalation routes.
Equifax’s overseas data breach in 2017 exposed sensitive personal information. Store downloaded bureau reports securely, restrict access to staff who need them and follow your brokerage’s retention policy. Our guide to broker data security covers the handling of client information.
Record which bureau each of your regular lenders uses, save the client report-request links and add the relevant bureau check to your pre-lodgement checklist.
