Managing your credit report.

When you apply for credit - anything from a home loan, car finance or a credit card, we may need your consent to get your credit report from a credit bureau (a company that collects everyone’s credit information).

Credit providers like banks, phone and power companies can share information with credit bureaus about your credit and repayment history. Credit bureaus can then pass this on when lenders run a credit check. This is all under the Credit Reporting Privacy Code.

What does it mean?

If you make your home loan, power or credit card payments by the due date, this will be reflected on your credit report and can make it easier for you to get credit.

If you miss a payment this may also be reflected on your credit report and your access to credit may be limited.

What can you do to improve your credit report?

We’ve got some helpful tips to build a good credit report:

• Set up regular automatic payments and direct debits to go out the day after your wages come into your account. The more repayments you make on time, the better your credit report will be
• If you’re registered for Westpac One® online banking, sign up for email and text alerts so you know whether you have sufficient funds in your account to make your automatic payments and direct debits
• Regularly check your credit report, especially if you’re about to seek credit
• Use our budget calculator to create a realistic personal budget
• Sign up for our Managing Your Money workshops to help you build your confidence to make better decisions about your money
• Try our online Managing Your Money tutorial to help guide you through the maze of money management.

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