Does Australia and New Zealand share credit information?

The Australian and New Zealand banking and financial services markets are highly integrated and many credit providers (and both major credit reporting agencies) operate on both sides of the Tasman.

Does my Australian credit rating go with me to NZ?

As far as we are aware, there is currently no cross-border flow of credit information between credit reporters. The privacy laws of other countries can also be a limitation. For example, such cross-border information sharing is prohibited by the Australian Privacy Act 1988.

Who is the main credit reporting agency in Australia?

52.21 The major consumer credit reporting agency is Veda Advantage (previously named Baycorp Advantage), which states that it maintains credit worthiness related data on more than 11 million individuals in Australia and New Zealand.

What credit agency do banks use in Australia?

At Bank Australia we use two Australian credit reporting bodies: Equifax (formerly known as Veda), and Experian.

Can you leave NZ with debt?

The best advice is to not leave debts in New Zealand when you leave. Although they may not affect you straight away, they may cause problems in the future. A bad credit rating will stop you from getting a mortgage or loan; or you may end up in court for overdue Government fines.

Does debt follow you to another country?

Most debts won’t follow you to another country, but staying one step ahead of your creditors might be a lot harder than you think. Debt can feel like a massive weight hanging around your neck.

What is a good credit score in Australia?

If your credit report shows scores out of 1,200 then as a rule of thumb a score above 853 is excellent while above 661 is good. If your credit report shows scores out of 1,000, above 690 is excellent and above 540 is good.

Do Australian banks use Experian?

Do home loan providers use Experian? Yes, the big four banks of Australia tend to check credit reports from all three credit bureaus i.e. Equifax, Illion and Experian, as defaults listed on Experian might not show up on other credit reports. However, most smaller lenders typically use Equifax.

What are the credit reporting companies in New Zealand?

There are 3 credit reporting companies in New Zealand: What’s in your record? Your report includes your payment history for: hire purchases. Your payment history for other bills like electricity, gas and phone accounts might also be on your report. If your record is wrong, you might not be able to get credit.

Who are the four credit reporting agencies in Australia?

There are four credit reporting agencies, Experian, Equifax (formerly Veda), Illion (formerly Dun and Bradstreet) and the Tasmanian Collection Service, that collect your financial information and collate it into a credit report. Some of those bureaus also use the data they collect to create your credit score.

Where can I get a free credit report in Australia?

Each of the credit reporting agencies operating in Australia has to send you a free copy of your credit file within 10 days if you haven’t ordered a copy in the previous 12 months. You can also get a free copy of your Experian credit report and credit score through Finder.

When did positive credit reporting start in Australia?

Up until March 2014, credit reporting in Australia only used negative reporting. However, the introduction of positive or comprehensive credit reporting means lenders now make a more balanced assessment of your borrowing history by accessing information about your current accounts and your history of making on-time repayments.

Who are the credit rating agencies for New Zealand?

There are three major internationally recognised credit rating agencies: S&P Global Ratings (S&P), Moody’s Investors Service (Moody’s) and Fitch Ratings (Fitch). New Zealand was first rated by S&P and Moody’s in 1977 and by Fitch in 2002. The credit rating agencies issue short and long-term ratings for both domestic and foreign-currency debt.

What are the different credit reporting agencies in Australia?

There are three different credit reporting agencies operating in Australia: Experian. This data-focused credit agency lets you order a free copy of your credit report. It also lets credit providers make more accurate credit decisions through data sharing.

Is the New Zealand credit rating irrelevant to Australia?

For these there are no credit limits, and no credit being extended, hence your credit file *should* be irrelevant (however I can’t speak for all institutions). Remember that in Australia, Banking and Finance is MUCH more strictly regulated than in NZ, as is Privacy legislation.

Where are IIs clients located in the world?

IIS clients are based in each Australian state and territory, as well as the USA, Europe and the Asia-Pacific (including New Zealand, Hong Kong, Singapore and Malaysia). We maintain close contacts with Australian and International privacy regulators and practitioners.