car finance credit score

Car Finance and Your Credit Score: What You Need to Know

Car finance can be a fantastic way to get the car you need, but it’s essential to understand how your credit score impacts your ability to get approved. Your credit score is one of the most critical factors that lenders consider when reviewing your car finance application. Here’s what you need to know about car finance and your credit score.

  1. Your Credit Score Affects Your Interest Rate

One of the most significant ways your credit score impacts your car finance is through the interest rate you’re offered. Lenders use your credit score to assess the risk of lending you money, and if you have a high credit score, you’re seen as a low-risk borrower, and you’ll typically be offered a lower interest rate. Conversely, if you have a low credit score, you’ll be seen as a higher risk borrower, and you may be offered a higher interest rate or even be declined for car finance.

  1. Late Payments Can Damage Your Credit Score

Payment history is one of the most important factors that affect your credit score, and late payments can significantly impact your score. If you make late payments on your car finance, it can lower your credit score, making it more difficult for you to secure future credit.

  1. Applying for Too Much Credit Can Lower Your Score

Every time you apply for car finance or any other type of credit, it can lower your credit score. When you apply for credit, lenders conduct a hard inquiry on your credit report, which can lower your score. If you apply for too much credit at once, it can have a more significant impact on your score.

If you’re looking for car finance Sunshine Coast, it’s essential to understand how your credit score can impact your chances of getting approved. At Journey Finance, we work with a range of lenders to help you find the best car finance deal for your situation, regardless of your credit score. Contact us today to learn more and get started on your car finance journey. Our team of experts can guide you through the process and help you find the car finance that works for you.

It’s important to keep your credit score in good standing by making timely payments, avoiding too much credit at once, and taking steps to improve your credit score over time. With the help of Journey Finance, you can find the right car finance deal to help you get on the road and start living life to the fullest.

1800 861 009

car finance sunshine coast

How to Improve Your Chances of Getting Approved for Car Finance

Car Finance Sunshine Coast

If you’re in the market for a new car, but don’t have the funds to buy it outright, car finance can be a great option. However, getting approved for car finance isn’t always easy. Lenders have strict criteria they use to determine whether or not you’re eligible for a loan, and if you don’t meet those criteria, you may be turned down.

Luckily, there are things you can do to improve your chances of getting approved for car finance, even if you’re in a tough financial situation. Here are some tips to help you get started:

  1. Improve Your Credit Score

Your credit score is one of the most important factors lenders consider when determining whether or not to approve you for a loan. If your credit score is low, you may be seen as a risky borrower, which can make it difficult to get approved for car finance.

To improve your credit score, make sure you pay all of your bills on time and in full, keep your credit utilization low, and avoid applying for too much credit at once.

  1. Save for a Down Payment

Lenders may be more willing to approve you for car finance if you can put down a larger down payment. This shows that you’re committed to the loan and that you have some skin in the game.

  1. Choose a Reliable Vehicle

Lenders may be more willing to approve you for car finance if you choose a reliable vehicle. This reduces the risk of defaulting on the loan, which makes you a more attractive borrower.

  1. Shop Around for the Best Deal

Don’t just accept the first car finance offer you receive. Shop around and compare rates from different lenders to find the best deal for your situation.

If you’re looking for car finance Sunshine Coast, Journey Finance can help. We offer a range of car finance options to suit your needs and budget. Contact us today to learn more and get started.

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1800 861 009


car with loan

Car Financing vs. Leasing: Which Option is Best for You?

Buying a car is one of the biggest purchases most people make in their lives, and it’s essential to choose the right financing option. Two popular options are car financing and leasing, and it’s essential to understand the pros and cons of each before making a decision. In this article, we’ll explore both options and help you determine the best option for your car financing needs.

Car Financing:

Car financing, also known as a car loan, is the traditional method of purchasing a car. It involves borrowing money from a lender, usually a bank or credit union, to purchase a car. The loan is repaid in monthly installments over a fixed period, typically three to five years.

One of the main advantages of car financing is ownership. When you finance a car, you own it once the loan is paid off. This means you can customize the car, sell it, or trade it in whenever you want. Financing also gives you more flexibility in terms of how you use the car.

However, car financing also comes with some disadvantages. The interest rate on the loan can vary depending on factors such as credit score, loan term, and the lender. Additionally, the car will depreciate over time, which can lead to negative equity, where the car is worth less than the remaining loan balance. Finally, financing a car can be more expensive in the long run, as interest and fees can add up over time.

Car Leasing:

Car leasing is an alternative to car financing that involves renting a car for a set period, typically two to four years. During this time, you make monthly payments to use the car, and at the end of the lease, you return the car to the dealer.

One of the main advantages of car leasing is lower monthly payments. Because you’re only paying for the use of the car, not the entire value, monthly payments are often lower than those for a car loan. Additionally, leasing allows you to drive a newer car, as you can lease a new car every few years.

However, leasing also has some disadvantages. You don’t own the car at the end of the lease, so you can’t sell or trade it in. Additionally, leasing often comes with mileage restrictions, and you may face penalties if you exceed them. Finally, leasing can be more expensive in the long run if you continue to lease cars, as you’ll never own one outright.

Choosing the Best Option for You:

So, which option is the best for you? It depends on your individual needs and preferences. If you value ownership and flexibility, car financing may be the best option for you. However, if you prioritize lower monthly payments and driving newer cars, car leasing may be the best option.

At Journey Finance, we can help you determine the best option for your car financing needs. Our team of experts can help you compare financing and leasing options, as well as negotiate the best deal possible. Contact us today to learn more about how we can help you make the best decision for your car financing needs.

car loans

Understanding Car Financing: A Beginner's Guide

If you’re considering buying a car, chances are you’ll need to finance it. Car financing is the process of borrowing money to purchase a vehicle and paying it back over time with interest. It can be a confusing and overwhelming process, but with the help of Journey Finance, it doesn’t have to be.

To understand car financing, it’s important to know key terms such as interest rate, down payment, principal, and term. The interest rate is the percentage charged on the loan amount, and it can significantly impact the total cost of the loan. The down payment is the amount of money paid upfront, while the principal is the amount borrowed. The term refers to the length of time you have to pay back the loan.

The interest rate can vary depending on several factors, such as your credit score, loan term, and the lender. A higher credit score typically results in a lower interest rate, while a longer loan term and a higher lender risk can result in a higher interest rate. Journey Finance can help improve your credit score and increase your chances of getting a competitive interest rate.

There are different types of car loans, such as secured and unsecured loans, fixed-rate and variable-rate loans, and dealer financing vs. bank financing. A secured loan requires collateral, while an unsecured loan does not. A fixed-rate loan has a consistent interest rate, while a variable-rate loan can change over time. Dealer financing is arranged through the dealership, while bank financing is arranged through a bank or credit union.

Journey Finance specializes in car financing and can help you navigate the loan process. They have expertise in finding the best deal for your needs and can provide support and guidance throughout the process.

By understanding key terms and factors that impact the interest rate, and exploring different types of car loans, you can make an informed decision. Reach out to Journey Finance for more information and support on your car financing journey.

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car finance

The Pros and Cons of Car Financing: Is it Right for You?"

Are you considering purchasing a new car, but you don’t have the cash to pay for it outright? You may want to consider car financing. Car finance can be a helpful way to spread the cost of your new vehicle over several years. However, before you sign on the dotted line, it’s important to understand the pros and cons of car financing to determine whether it’s the right choice for you.

Pros of Car Financing

The most significant benefit of car finance is that it allows you to purchase a vehicle that you may not have been able to afford with a one-time payment. Rather than paying the full amount upfront, you can spread the cost of the car over several years. This means you can choose a better vehicle with a higher purchase price and monthly payments that fit within your budget.

Another pro of car finance is that it’s a quick and straightforward process. Unlike other types of loans, such as mortgages, car finance doesn’t require lengthy approval processes or complicated paperwork. You can often get approved for a car finance loan within hours, and in some cases, you can complete the entire process online.

Finally, car finance can help you build your credit score. When you make your monthly payments on time, it shows lenders that you’re responsible and reliable with your money. This can lead to better interest rates and loan terms in the future.

Cons of Car Financing

The biggest disadvantage of car finance is that it can end up costing you more in the long run. When you finance a car, you’re paying interest on top of the purchase price. This means that the total cost of the car will be higher than if you had paid for it outright.

Another con of car finance is that you’ll be tied to monthly payments for several years. If you experience a financial setback or unexpected expense, it can be challenging to keep up with your payments. This can lead to missed payments, which can damage your credit score.

Finally, car finance loans often come with penalties for early repayment. This means that if you want to pay off your car loan early, you’ll be charged a fee. This can be frustrating if you come into some money or want to sell the car before the end of the loan term.

Is Car Financing Right for You?

Car finance can be an excellent option if you need a new vehicle but don’t have the cash to pay for it outright. However, it’s essential to consider the pros and cons carefully before you make a decision. If you’re comfortable with monthly payments and can afford the additional interest charges, then car finance may be the right choice for you.

If you do decide to go with car finance, it’s important to choose a reputable lender with fair interest rates and loan terms. Journey Finance is a great choice for car financing, offering competitive rates and flexible repayment options. With our excellent customer service and easy-to-use online platform, Journey Finance makes the car finance process simple and stress-free.

Contact Journey Finance today!

1800 861 009

How to get financed approved with a bad credit rating

If you have bad credit, getting approved for a car loan can be more challenging, but it’s not impossible. Here are a few things you can do to increase your chances of getting approved for a car loan with bad credit:

  1. Shop around for bad credit car loans: Some lenders specialize in bad credit loans and may be more likely to approve your application.
  2. Make a larger down payment: A larger down payment can show lenders that you are financially responsible and can lower the amount you need to borrow, which may make it more likely that you will be approved.
  3. Get a cosigner: A cosigner with good credit can increase your chances of getting approved for a car loan, as they can help to offset the risk of your bad credit.
  4. Improve your credit score: take step to improve your credit score as much as you can before you apply for the loan. This can include paying off outstanding debts, disputing errors on your credit report, and avoiding new credit inquiries.
  5. Provide proof of income: Lenders will want to see that you have a steady income and can afford to make the payments on the loan.
  6. Have realistic expectations: If you have bad credit, you may have to pay a higher interest rate than someone with good credit. Be prepared to pay more for your car loan.

By following these tips, you may be able to increase your chances of getting approved for a car loan with bad credit. However, you should keep in mind that even with these steps, getting approved for a loan with bad credit is not guaranteed, and you may need to consider alternative options.

It’s always better to try to improve credit score before applying for any kind of loan, and also be aware of the terms and conditions before signing a loan agreement. It’s important to also be honest with yourself and the lender regarding your financial situation, and be mindful of taking on too much debt and falling into a cycle of high-interest loans.

The team at Journey Finance are experience dealing with people and bad credits, for more information please feel free to read ‘Getting finance with poor credit’ or contact our team on 1800 861 009.

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Tips on ensuring you get your car finance approved!

There are a few things you can do to increase the chances of getting your car loan approved:

  1. Make sure your credit score is as high as possible. Lenders generally prefer borrowers with high credit scores because they are considered less risky. You can check your credit score for free and take steps to improve it if necessary.
  2. Save up for a down payment. A down payment can shows that you are financially responsible and able to save. It can also lower the amount you need to borrow and may lead to a lower interest rate.
  3. Shop around for the best rates. Different lenders may offer different rates and terms for car loans. By shopping around, you may be able to find a lender who is willing to offer you a better deal. Here at Journey Finance we do all the leg work for you. Meaning we go shopping for the best deal for you!
  4. Consider getting a co-signer. If you have a co-signer with good credit, it can increase your chances of getting approved for a car loan. A co-signer is someone who agrees to pay off the loan if you default.
  5. Be honest and upfront about your financial situation. Lenders will review your income, debts, and credit history before deciding whether to approve your loan. By being upfront about your financial situation, you can show lenders that you are a responsible borrower.
  6. Have a clear plan for how you will pay off the loan. Lenders want to see that you have a plan in place for paying off the loan. This may include a budget and a plan for saving money to make your monthly payments.

By following these tips, you can increase your chances of getting your car loan approved and be on your way to driving your new car.

For more information of what our team at Journey Finance can do for you, please feel free to call 1800 861 009!

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Chattel Finance

Difference between a Chattel Mortgage and Consumer Loan for a car purchase


What is the difference between a Chattel Mortgage and a Consumer car loan?

If you’ve never heard of a Chattel Mortgage you are not alone.   Understanding the differences between a Consumer Car Loan and a Chattel Mortgage could mean the world of difference to your next car finance.

The main difference between a Consumer Car Loan and a Chattel Mortgage is the way the car is used.  A Consumer car loan is designed for people who use their car for personal use and maybe some business use (including for work)

A Chattel Mortgage is a business use loan product.  If you are in business or use your car for work more than 50% of the time, you may be eligible for a Chattel Mortgage.

At the end of the day, the final result is the same.  The financier will lend you the funds and places a financial interest on the car as security for the loan.  With a Chattel Mortgage, this is a mortgage.  In both instances, you still own the vehicle from the day you purchase it, it is just in the way the loan is structured that is different.

If you qualify for a Chattel Mortgage, you are likely to receive the benefit of a slightly lower or more competitive interest rate along with reduced or no monthly account keeping fees.

It's all in the substantiation (proof of information)

When you apply for a Consumer Loan, you need to substantiate your financial circumstance through substantial evidence supply.  This could be payslips, confirmation of employment from your employer, scrutiny or supply of evidence of declared assets, digital bank statement requests that show your income is deposited into your account, and your spending habits.  Consumer loans are regulated under the National Consumer Credit Protection Act (NCCP) and provide strong protections for consumers who may not be as financially savvy as a business customer.  Under the NCCP items like fees, charges, and interest rates, early payout penalties and calculations must be provided in a clear and easy-to-understand manner.  This is a great thing for consumers as it means the average person can determine whether the loan they are taking is suitable for their personal financial circumstances.

Chattel Mortgages are not regulated under the NCCP which can mean fewer onerous requirements for proving income.  You will likely still have to supply evidence, but not the same as a Consumer Loan.

Because it is a commercial product, it may mean that you would lose some protection that is afforded to consumers under the NCCP Act.  A good broker will still tell you about fees and charges or early payout penalties and calculations, but these are not required to be written into your contract or Terms like a Consumer Loan is required to do.

Bottom line, it comes down to your circumstance whether to take a Chattel Mortgage.   If your business is structured as a company or trust you may have to take out a Commercial loan product like a Chattel Mortgage.

If you are a sole trader or partnership, both options should be available to you and likely will have little difference from potential tax deductions.  If your business is registered for GST, you are likely to be able to claim input tax credits from the purchase of the vehicle.

See more about the benefits of a Chattel Mortgage

Disclaimer: The thoughts and opinions conveyed on this website are those of the author/s and are of a general nature. Any information provided does not constitute financial or general advice to you from Journey Finance Australia. When considering financial or insurance products, you should seek your own independent advice from a professional.

Get In Touch

1800 861 009





Sunshine Coast



[email protected]



Been declined for finance

Been declined for finance?

Being declined for finance can be extremely hard to cope with both emotionally and financially.  You may have had your heart set on a new car, a house or just to get a personal loan for a holiday, so dealing with the feelings of rejection can be difficult.

All humans go through stages of accepting changes in their lives.


Some people will move through the change curve very quickly, others will dwell in certain parts longer depending on the change and how it impacts them.

It’s natural to feel confused, or even disbelief when you are denied finance – the key is to get through the emotions that will prevent you from moving forward.

Get angry?

Getting angry at your bank or the broker when your finance application is rejected may feel natural or even justified, but listening to them to understand what has contributed to the decline is important.

The finance industry is in constant change, in Australia with the onset of the Banking Royal Commission huge changes occurred that put responsible lending criteria at the forefront to attempt to ensure that people who could afford to repay a loan with no adverse effects on their credit file got the loan they were seeking.  The general public welcomed the Banking Royal Commission, but aren't as happy with the changes that have occurred from the investigation.  COVID-19 brought in another series of challenges with uncertainty with employment.  All of these factors come into play now and with this changing landscape, the rules around finance have changed.

Getting to “DECISION”

Through the anger and depression phases of change, some people will continue to apply for finance.  The old saying “doing the same thing over and over and expecting a different result is the definition of insanity” is true!  If you think of lenders in this regard

Prime lenders:  Those who offer great interest rates and terms

These are the hardest to get approved through. They want LOW risk clients who they know will pay on time and in full.

Sub Prime lenders:  Those lenders who have higher interests rates and more restrictive terms

These lenders offer loans to riskier clients and charge a premium (in fees and rates). 

The goal should always be to get a loan with a prime lender as the loan will be cheaper. Some people will move from a rejection from the prime lender to begin to apply for loans with Subprime lenders.   Their goal is to be accepted and to rid themselves of the feeling of rejection along with still wanting the item they were applying for.  We all know how it feels when we are approved for a loan - we feel worthwhile and a functioning member of society - the opposite feelings can emerge when we are declined.  Remember, being rejected/declined is hard, but keeping your head during this time is so important.  Each time you apply for a loan, you end up with an inquiry on your credit file.  We have witnessed files with 30+ applications in as little as a month. The more you apply in short periods of time, the worse your credit score (risk profile) becomes.

How to get to DECISION

If you have already applied and been declined, the first step is to ask why you were declined.  Some lenders will say “Your profile doesn’t meet our credit policy”.  That’s all they’ll say.  It’s a good idea to ask for their credit policy as most lenders will have a document that outlines all the tick boxes they require to lend.


  • Employed full time or more than 20 hours per week
  • Employed more than 12 months in the role (or show continuity)
  • No defaults or late payments
  • Stable residential history
  • Stable employment history

Once you understand what the policy is, then you can work on the tick boxes that potentially have an “X” against it.   It may take time, but it is worth it.

Getting to the DECISION stage can be hard.  It means not taking the decline personally.  You may think you are a perfect candidate for a loan, but the lender is a business, they aren’t obligated to lend you money.  Their policies are designed to protect their business, their employees and shareholders.  If every bank just lends money to anyone, you can imagine how our society would be.

Getting to the DECISION phase is about understanding what’s in your control and what is not, then taking action to make the changes required.

Defaults or poor conduct on loans

One of the biggest reasons for finance declines is poor repayment history on loans.  Your credit file now records both negative and positive events.  Negative events can be defaults, late payments or bankruptcies.   What is not understood is the type of loan you are applying for can also negatively affect you.  PayDay loans that you see advertised on TV demonstrate to prime lenders (lenders who offer really low interest rates) that the applicant is a potential risk.   It may seem innocent to take a small loan out, but considering how this will affect the ‘snapshot’ you present to another lender is important.  If you’ve been declined by a prime lender, sometimes the only option is to go through a non prime lender, but fixing the issues on your file should be the first consideration. It may take longer and you may need to be patient, but it is worth it.  If circumstances dictate that you have to have the loan now, you may have to accept that you will only be eligible through those non Prime lenders, meaning you are going to pay a premium.

Banking conduct

Most lenders now want to see your bank statements.  In the past, you would download them and send them through to the lender, but now, this is all done electronically.  The financier will request your bank statements and if you want to get the loan, you need to provide them access.

Why do they do this?  In our experience, people either grossly under or over estimate their living expenses.  Calculating living expenses is really important to a lender as it shows whether you have surplus funds to be able to pay the loan back.  Just saying that you will isn’t enough, the lender wants evidence that you can – hence the request for bank statements.

What is shown in these reports?

Lenders will see your daily habits of spending, your regular income as standard.  They will also see how much you spend on things like

  • Take away food
  • Eating out
  • Gambling
  • Alcohol
  • Payday loans (or short term loans)
  • Fines
  • Loan repayments
  • Cash withdrawals (locations including pubs/clubs/gambling locations)

If you have left out items in your application or underestimated (accidentally or purposefully) there will be no hiding it.  Lenders usually want 90 days of bank statements, so before you apply for a loan, it’s a good idea to sit down with your own bank statements and see exactly what you are spending and on what.  If you find that you don’t have good conduct, spend 3 months fixing this.  What you will find is that when you tighten your budget, your finances can take a miraculous 180 degree turn and hopefully, not only will you be more in control of your finances, but you will demonstrate clean banking conduct.

Stable employment

For someone who has just got a job, the first thing they want to do is improve their lives. A new outfit, a new car or even a new home.  Lenders will look favourably on someone who has been in stable employment for a period of time or demonstrate if they have left an old job, that they have moved for a good reason. (eg. More money, career progression).

If an applicant changes jobs every 3 months, it can demonstrate risk.  The lender doesn’t know you or you circumstance and can’t be expected to delve into those depths.  Bottom line, if you’ve been in a job for 3 months and have a 6 month probation, it may be best to wait until your probationary period is over as employers can move you on during that period and lenders know this.

Champagne on a beer budget

If you have an income of $45,000 per year and you are applying for a loan of $50,000 you may need to adjust your appetite!  There is no hard and fast rule around this, but lenders have a formula that looks at what the average living expenses are for a single, coupled, and dependent family and calculate this themselves, regardless of what you have told them you actually spend.  This is part of responsible lending.  So, if you take home $1,000 per week, your living expenses are calculated at $700 including all costs, which means you have $300 leftover.  This is called the income-to-expenses ratio.  This ratio is important as the lender will look for a buffer in case things go wrong and will include the repayment on the loan.  If you are wanting to borrow too much, this will reduce the ratio to the point of a decline or the lender may impose a maximum lend.  (the most they are prepared to lend out)

Getting finance pre-approved and working with your broker on this will mean you are not disappointed if you had your heart set on a certain amount.  Adjusting your expectations can invoke the change curve again – but, over time you will see it was probably the best thing that could have happened.

Financial counsellors

If your finances are not in check, it may be time to seek help.  There are free financial counsellors who can help with budgeting and set you on a good path.  It may be surprising to you, but according to MoneyMag  86% of Australians do not know their monthly expenses.  Putting it down on paper with a professional and beginning the process of putting your money in order can be an amazing first step.  Use our easy tool to calculate how much you are actually spending verses your income.

Final thoughts

When applying for finances, it shouldn't be a 'suck and see'.  Working with a good broker means they will assess your situation and advise the best place to put the loan.. if at all.  Good brokers have access to numerous lenders and most will not put a hit on your credit file during this process until you are ready to apply and have all your ducks in a row.

It's really important during this process to tell the whole truth, nothing but the truth.  A good broker is not going to judge you, they are trying to help you navigate the process.  If you are declined, ask why.  If a solid answer isn't given, then it's up to you to take steps to understand yourself.  Getting access to your credit file will be a really good first step.  If there are issues on that file, you can seek to have them corrected.  If your score is low, then working to fix it over time will mean that you are on a good path to good credit.


Disclaimer: The thoughts and opinions conveyed on this website are those of the author/s and are of a general nature. Any information provided does not constitute financial or general advice to you from Journey Finance Australia. When considering financial or insurance products, you should seek your own independent advice from a professional.

Get In Touch

1800 861 009





Sunshine Coast



[email protected]


Computer showing error

How to request a correction on your credit file

Errors occur in every facet of life, every minute of every day.  As good as our credit reporting system is, it is also prone to errors.  This doesn’t mean you cannot have it rectified if it is genuinely an error.

What is the error?

First things first. An individual not paying their bills on time and this being reported on their credit file is not grounds for a correction.  For a good credit file with a good score, we need to pay out bills on time.  We already have credit (borrowed money we don’t have) so paying it back when we say we will is not just the right thing to do, but owning our responsibilities is what makes society work.

A person paying their bills on time and the credit provider made an error or not recording the payment, then reporting a late payment does provide grounds to apply for the correction!

First steps

As with above, really think about whether truthfully the credit provider has made an error, or you didn’t live up to your obligations (forgetting is not a valid reason).

If you come to the point where you accept your role in the adverse entry.. good for you.  That’s part of being an adult.   Pay your bills on time for a period and watch your credit score not just repair, but also grow.

It’s definitely them, not me

If there is a mistake on your credit file or you think there is something not quite right, its’ time to take action and get it corrected.  If you just let it go, it will impact your ability to get credit, get credit at a good rate or with flexible conditions or even get a new phone on a contract!

Step 1 – Get in touch with the credit provider!

Doesn’t matter if it’s a bank, Telstra/Optus, or an electricity company, get in touch and request the same thing.  An investigation into the error you have picked up and a request that your credit file be corrected.   If you have evidence, this should be fairly easy. If you don’t have evidence and are going on hearsay or memory, then you are going to be battling a company that probably keeps extremely good records.

Having a bank statement that shows the dates you paid, or receipts from the credit provider would be extremely useful.  Making sure that the payments align with bills or invoices is also good.  It shouldn’t be up to consumers to have to enter in invoice numbers to ensure their bill is credited, but reference numbers are usually par for the course (especially when it comes to Bpay or credit card payments)  Check you used the right reference number, as this may have meant the money went somewhere it wasn’t supposed to.   You still may have a case if they find the money and accept that you did pay on time, just with an incorrect reference number (who hasn’t done this? Especially when reference numbers can be 10-15 digits long!)

Step 2:

If you have no joy, time to contact a credit reporting agency.

Credit reporting agencies such as Equifax offer a free service investigating the accuracy on your report.

It’s quite simple.


You can submit to Equifax online or by post.

Click here to submit online if you are a consumer

Click here to submit online if you are a commercial customer

By mail

Equifax – Public Access

Equifax Australia Information Services and Solutions Pty Limited

GPO Box 964


You will need to include the following identification information:

  • Name
  • Date of Birth
  • Current Address
  • Previous address
  • Driver license
  • Current Employment

You will also need to provide details of the correction required. Please include:

Details of the entry being disputed; including any account reference numbers and the name of the credit provider who listed it.

  • The reason for disputing the entry
  • Any relevant documentation

From Equifax:

The more information you can provide the quicker we can investigate. If you are requesting the correction on behalf of someone else, please also include the requester's (your) details.

From there, Equifax will conduct an investigation and will come back to you with an outcome. You can also appeal the outcome if it’s not favourable or even take it a step further by contacting the Financial Services Ombudsman.  (this info should be included in the outcome communication under “What You Need to Know” Brochure)

How long before the correction is applied?

It can take a few weeks, even up to a month to be corrected, however, companies like Equifax will contact any recipients of your credit report in the past 3 months prior to the correction being made.

Disclaimer: The thoughts and opinions conveyed on this website are those of the author/s and are of a general nature. Any information provided does not constitute financial or general advice to you from Journey Finance Australia. When considering financial or insurance products, you should seek your own independent advice from a professional.

Get In Touch

1800 861 009





Sunshine Coast



[email protected]