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General Information

Who are Baycorp Advantage?

Baycorp Advantage are Australia’s leading credit reporting agency. Their activities are regulated by the Federal Government and the Privacy Act.
Their database contains more than 11 million consumer and 1 million commercial credit files. It includes records on the credit activity of Australian individuals, companies and businesses.

The credit data held is quite detailed and is regularly updated. It includes:

• Personal details such as:
name
residential address

date of birth
drivers licence number

• Credit applications and enquiries you have made during the past five years

• Records of some current credit accounts

• Overdue Accounts and Defaults which may have been listed against your name by credit providers

• Bankruptcy information

• Judgments

• Public record information such as Directorships and Proprietorships.

Are there any other organisations I can get my credit details from?

While Australia also has other credit reporting agencies Baycorp Advantage are the biggest.

About Credit Files

What is a credit file?

A credit file is a comprehensive record on each financially active individual and entity in Australia. It includes your age, details of your employment, residential address, credit applications made, credit arrears, defaults, judgements, bankruptcies etc.

Does anyone not have a credit file?

Persons who have applied for credit in the past 7 years will have a credit file. Persons who have never applied for credit such as the young, new migrants etc. will not have a credit file.

When and how did my credit file start?

Your credit file is initiated by the credit provider the first time you apply for a loan, or make any type of finance application. Once your initial credit file is set up, subsequent credit providers update your file by adding the relevant credit application details and any change of address information.

Do I have to pay for access to my information?

There is no fee associated with access to a credit report held by a credit provider. Also, you will generally not be charged a fee for access to your file held by a credit reporting agency if access relates to a refusal for credit or is related to the management of your credit arrangements. If a fee has been requested and you have been denied access because you refuse to pay the fee, you may refer the matter to the Privacy Commissioner.

Understanding Your Credit File

For how long is my credit information be kept on the credit file?

• Credit applications, enquiries and overdue accounts are held on your file for five years

• Bankruptcy information is held on your file for seven years (prior to January 1998, Bankruptcy information was held for five years)

• Clearout information is held for seven years (if listed before 31 January 2000, the information is held for five years)

• Court Judgments are held for five years (excluding NSW & ACT)

• Queensland & WA Writs & Summons are held on an individual’s file for two years, Company/ Business files for four years

• Identity information, which includes name, date of birth, sex, drivers license, address history, and cross-reference names (if any) are held for the life of the credit file. This information is used to distinguish the credit file from others held in the database

• Purge dates are calculated on the date the information was added to the file, and are based on the time limits provided in the Privacy Act 1988

• Files are scanned each month and out of date information is automatically purged to ensure the files are accurate.

What can be done if the information is incorrect?

If you believe the information on your file held by a credit reporting agency is inaccurate you can request that it be altered. If the credit reporting agency establishes that an amendment is necessary, it must make the amendment to your file promptly. If the agency does not make the requested changes, you have a right to include a statement, provided by you, on your file. Once the amendment is made, or a statement is added, to your file, the agency will send you a copy of your amended credit information file and advise you that you have the right to nominate other persons who you would like to be informed of the change where those persons had access to your file in the previous three months.

How do I tell what my credit rating is?

Baycorp Advantage does not hold a score or credit rating on your credit file.

Some credit providers may score or rate an application as part of the process to assess the risk involved in providing credit to you.

This technique involves building a score or credit rating based on the information you provide on the application form and the information held on your credit file.

While there will be no Credit Rating with a number against your name , your past credit behaviour as reflected on your credit report will be used as a guide by future lenders in determining whether you have a “Bad Credit History” and whether you are a “Good Credit Risk”.

Credit Report Arrears and Defaults

What is an Arrear or a Default?

An arrear is a late payment on any one of your bills. This may relate to a Utility Bill or a Loan repayment. A Default is an Arrear that was not paid for an extended period of time. Defaults may be paid or unpaid.

If I pay my default will it come off the report?

Defaults will remain listed on your credit report even after they have been paid. In fact, depending on the nature of the default they may remain on your credit report for up to 5 years after they have been paid.

How do I remove an entry off my report?

There may be reasons why you believe that an entry should not have been made on your report and you would like to have it removed.

To achieve this you need to write to the credit reporting agency and the credit provider who listed the default on your credit report – and explain why the default should be removed.

What can I do if I think a credit reporting agency has not dealt with my access or amendment request properly?

You are entitled to have your problem handled under the dispute settling procedures set out in the Credit Reporting Code of Conduct issued by the Privacy Commissioner. Under these procedures, the credit reporting agency or credit provider should be the first point of contact for lodging disputes.

If the credit reporting agency or credit provider is unable to resolve the matter, or if you are not satisfied with the action taken, you are able to complain to the Privacy Commissioner who has the power to investigate the matter, and if necessary, to order credit providers or credit reporting agencies to change their procedures, amend information or compensate you financially for loss or damage resulting from a credit reporting infringement.

Issues with Credit Fraud

What is known as Credit Fraud?

One of the most common forms of credit fraud is committed by ‘stealing’ the identity of another individual. Someone obtains your identity details and uses them to obtain credit for themselves, leaving you with the potential liability for this debt, a damaged credit reputation and the inconvenience of amending your credit file. This is done by either stealing your wallet, your driver’s license or any other personal information.

Please note that in Australia you are not able to change your driver’s licence number. Once it has been issued – it stays with you for life. As you know your driver’s licence is often used to identify an individual and if the number is stolen, a new one is created to match the original and then problem never goes away.

What steps should I take to protect my identity?

You need to guard your personal information such as your date of birth and your driver’s licence number, bank account details etc.

Contact your financial institution immediately if your cards are lost or stolen. Keep your PIN (Personal Identification Number) confidential and separate from your card.

What can I do if someone is using my identity or has done so in the past?
Credit fraud is a crime. If you believe that information held on your credit file has been caused by another individual fraudulently using your identity details:

• Obtain a copy of your credit file to confirm someone has used your identity

• Contact the police and report the crime

• Contact the credit providers involved and inform them of the fraudulent activity, otherwise they may hold you responsible for any bad debt incurred.

My Credit Report and the Credit Providers

Will all my credit applications be reflected on my credit report?

No. However, most credit providers considering applications for credit, or the supply of goods and services where payment is deferred, choose to perform a credit check to ensure their decision to approve or decline an applicant is sound.

Once a Credit Check is performed by a credit provider it will be reflected as a Credit Inquiry on your credit file.

Who is able to add or change information on my credit report?

Any Credit provider who has been authorised by you to run a credit check and the credit reporting agency such as Baycorp Advantage.

Who can access my credit report?

Under the Privacy Act no one is allowed to check your Credit Report without your written consent.

If you would like to find out more about cleaning your credit or applying for a loan with a Bad Credit Rating, please visit

If you are going to submit an application for a mortgage, you will feel that you are in a sort of contest with the lender, since you are on two different sides of the issue. The lender wants the highest interest rate so he can make the most money, and you want the lowest interest rate so you can save the most money. A mortgage consultant (courtier hypothecaire) will act as a middle man in these transactions.

Is the broker on the side of the lender or the borrower in this situation? When you hear that the lending institution pays the broker’s commission, you may think that the broker is going to work for the interests of the lender. This is not what happens.

The home loan business is a very competitive business in Canada. Some of the larger mortgage brokers (courtier hypotheque) handle billions of dollars of mortgages each year. LendersLending institutions are interested in working with brokers so they can increase their loan business as much as possible.

The lending institutions pay all of the brokers about the same fee. Because of this, brokers (courtier hypothécaire) are fairly independent, since they are going to make the same commission from any one of the many lenders. The borrowers are pleased that the lender pays the fee, and he does not have to.

Fierce competition such as this leads lenders to partner with brokers and that a broker can show a borrower’s loan file to 50 lenders without any extra effort by the borrower.

This is the reason the borrower can be considered a client of the broker (courtier hypothécaire). A broker will try to get the best mortgage package for each of his clients.

Since a broker will make the same commission from any lender, his goal will be:

•Make sure his clients are happy and will become repeat customers

•Make sure his clients are satisfied and will refer him to others

Mortgage consultants (courtier hypothecaire) earn their salary by the commissions they are paid. Their primary goal is to serve their clients and build up a reputation so that their business will grow based on recommendations.

The bottom line is that, even though the lender pays the fee, it is the borrower who benefits from this relationship, since the broker has to keep his clients happy.

Gregory is an Accredited Mortgage Professional (AMP). To get more information on

If you’ve recently filed bankruptcy, you may be concerned about what interest rates you’ll receive on future loans and credit cards. This is a common concern. Though you may feel that the credit card offer you received in the mail has a ridiculously high interest rate, you’re not sure whether or not it’s the best you can get in your current situation. This article will offer some information on how bankruptcy affects interest rates on loans and credit cards:

Interest Rates on Credit Cards

In a perfect world, credit card interest rates would be comparable to those of mortgages. Unfortunately, credit cards are unsecured loans, and this represents a significant risk to the lender. For this reason, credit card interest rates will always be high, even for people will immaculate credit. After bankruptcy, you can expect the highest interest rates charged, which is generally between 25 and 29.9%. However, once you’ve established a relationship with that company and proven that you can pay your bill on time every month, they will most likely lower your interest rate. Compare credit cards from multiple companies in order to find the best rates and terms and choose a reputable lender. Make sure that they report to all three major credit reporting bureaus monthly so that you can start rebuilding your credit.

Interest Rates on Auto and Mortgage Loans

For a couple of years after you file bankruptcy, you’ll be stuck with sub-prime mortgage and auto loan interest rates. This can require that you pay a much larger interest rate than someone else with credit that allows them to get approved for a prime loan. However, if you can wait a couple of years, you will be more likely to get approved for a prime loan. This can save you thousands of dollars over the life of the loan. In order to ensure better rates after a couple of years, start with small credit accounts and pay them on time every month. This will allow you to build credit and present yourself as a responsible borrower. This is a lenders biggest concern after a person has filed bankruptcy — that they’ll become unable to pay their debts again.

If you can prove that you can pay your debts, you will become much less of a risk. This results in interest rates that are much lower than they would be if you applied immediately after your bankruptcy was finalized. Here is a list of recommended abcloanguide.com/badcreditmortgage.shtml Adverse Credit Home Mortgage Lenders online. It’s important to use a reputable lender online to make sure your personal information is secure.

If you are interested in a abcloanguide.com/badcreditmortgage.shtml Bad Credit First Mortgage loan, check out ABC Loan Guide’s free listing of reputable lenders. There are also lenders to help you find a abcloanguide.com/carloanafterbankruptcy.shtml Car Loan After Bankruptcy.