Learn more about Credit Agreements
- What is a Credit Agreement?
- How long do Credit Agreements stay on my credit file?
- When are Credit Agreements updated?
- How do Credit Agreements affect my credit rating?
- What does the Payment History mean on my Credit File?
- Credit Agreement information is incorrect?
- Credit agreements missing from your credit file?
- Why do accounts show up more than once on my credit file?
- Why are accounts included in bankruptcy still reporting on my credit file?
- Why is an account I paid in full still on my report?
- Why is the account balance on my Credit Report incorrect?
What is a Credit Agreement?
Credit agreement information describes account details and payment history details that credit providers and other lenders have given us. It can be related to things like mortgages, credit cards, store cards, or even mobile phone accounts. This information is one of the many ways for a lender to assess whether you're likely to keep on top of your credit repayments.
Lenders update this information monthly. We can't delete or change credit agreement information without their written consent.
How long do Credit Agreements stay on my credit file?
Active credit agreements stay on your report indefinitely. Once an agreement is closed, the information stays on your credit report for six years.
How do Credit Agreements affect my credit rating?
Credit agreements can affect your credit rating in a number of ways. Lenders will look at how you've treated previous credit agreements to decide how you might manage future agreements. Missed or late payments could reflect badly on you, as can having no previous credit agreements at all.
Only the lender can decide whether or not to offer you credit. If you're refused credit, you should contact the lender directly to find out why.
What does the Payment History information mean on my Credit File?
The payment history information on your report shows how well you have kept to your credit agreements in the past. The green circle means the payment was fine and the number inside shows whether the payment was late or not. The number 0 means the lender received your payment on time.
If you're late with any payments, you'll see a yellow (warning) circle or a red (danger) circle. The number inside can range from 1-6, depending on how late you were or how many payments you missed.
Credit Agreement information is incorrect?
If you think some of the details on your report are wrong, you should take this up with your lender.
If you prefer, we can dispute the details for you. If you'd like us to do this, just follow these steps:
- Click the Ask a question tab
- From the drop-down list, select "Information is incorrect"
- Then choose "Credit agreements"
We'll then contact the lender and let you know their response. Please bear in mind that this could take up to 28 days.
Credit agreements missing from your credit file?
We keep all the information that we're given. Some companies give their credit agreement data to several credit reference agencies, while others only give information to one credit reference agency. It might be that the lender of your missing credit agreement doesn't supply us with information.
Why are my Electoral Roll details only receiving a 'good' risk signal?
A 'good' risk signal is actually the best you can get for electoral roll details. There's no such thing as excellent.
Why do accounts show up more than once on my credit file?
This may happen if a lending company sets up both revolving (no fixed payment eg. Credit Card) and instalment accounts (fixed payment eg. Loan) with similar account numbers.
If you've moved homes, some lenders will create a new account number for your new address rather than transfer your existing one.
Why are accounts included in bankruptcy still reporting on my credit file?
All accounts that were part of your bankruptcy stay on your credit report for six years.
Why is an account I paid in full still on my report?
Your account information and payment history stay on your credit report for six years after the account closes.
Why is the account balance on my Credit Report incorrect?
We receive information from lenders monthly, so it might take up to a month for the correct balance to show on your report.