Managing your credit report.
A credit check is done to help us decide whether or not to lend you credit.
Why it's important.
When you apply for credit - anything from a home loan, car finance or a credit card, we may need your consent to obtain your credit report from a credit bureau (a company that collects everyone’s credit information).
Under the Credit Reporting Privacy Code, credit providers (including 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
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 could make it even easier for you to get credit.
If you miss a payment though, 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?
The good news! We’ve got some helpful tips to build a good credit report:
- Set up regular automatic payments & direct debits to be paid out the day after you get paid. The more repayments you make on time, the better your credit report will be.
- If you’re registered for 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 & 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 great decisions about your money.
- Try out our online Managing Your Money tutorial to help guide you through the maze of money management.
We can help.
If you're interested in learning more about credit reports or perhaps requesting one see the Privacy Commissioner website.
Visit a branch
Our branches are here to help you too.
Any time from 7am – 8pm weekdays, 8am – 5pm weekends.
Things you should know.
References to non-Westpac websites are provided for your convenience only. Westpac accepts no responsibility for the availability or content of such websites.