Quick answer
A credit file, also called a credit report, is the record a credit reporting body keeps about how you've used and applied for credit. In Australia it holds your identity details, credit accounts and their limits, repayment history, enquiries, defaults, court judgments and insolvency records. Business owners usually have two: a personal file and, for a company or ABN, a separate commercial file. Lenders read both when assessing a business loan.
Key points
- Equifax and Experian hold personal credit files; Experian absorbed illion's bureau after a 2024 acquisition
- Companies and ABN holders also have commercial files that record business enquiries, defaults and judgments
- Defaults, enquiries and court judgments stay five years; repayment history two years
- The ATO can report a business tax debt of $100k or more, overdue 90 days, if the business isn't engaging
- You're entitled to a free copy of your personal file every three months from each bureau
Your credit file is your borrowing history in writing. It’s held by a credit reporting body (a credit bureau), fed by the lenders, telcos, courts and insolvency records that report to it, and handed to lenders when you apply for credit. Most people never see theirs until a loan application goes sideways.
Two files, not one
If you run a business, there are usually at least two files with your name or business name on them.
Your personal file is regulated by the Privacy Act and the credit reporting code. In Australia the main bureaus holding these are Equifax and Experian; Experian bought illion’s credit bureau in 2024, which left the consumer market with two large players. Their records don’t always match: a lender or telco may report to one bureau and skip the other.
Your commercial file belongs to the company or ABN. It records business credit applications, payment defaults lodged by suppliers and lenders, court writs and judgments, and ASIC events such as a change of directors. Commercial bureaus sell these reports to suppliers checking trade accounts as well as to lenders.
Lenders assessing a small business loan almost always read both, because in a small business the owner’s personal conduct and the company’s are hard to separate.
What’s on a personal credit file, and for how long?
The OAIC sets out what can be recorded and how long it can stay:
| Item on the file | Retention period |
|---|---|
| Defaults ($150 or more, 60+ days overdue) | 5 years, marked paid if you clear it |
| Credit enquiries | 5 years |
| Repayment history (monthly, on time or late) | 2 years |
| Court judgments | 5 years |
| Bankruptcy | The later of 5 years from the date it began or 2 years from discharge |
| Financial hardship information | 1 year |
| Serious credit infringement | 7 years |
Each open account also shows the lender, the type of credit and the credit limit, so a lender can see your total available credit, not just what you owe.
Can the ATO put a tax debt on your business’s file?
Yes. Since 2019 the tax office has had the power to pass details of certain overdue business debts to credit bureaus. Under its current criteria, the business must hold an ABN, owe at least $100k that’s more than 90 days overdue, and not be dealing with the debt, which the ATO measures by things like a payment plan being honoured or an objection being on foot. Once any of those conditions stops applying, the listing is taken down.
The practical lesson: a business with a large tax debt and a payment plan it keeps to stays off the commercial file. Our guide to how the ATO reports tax debts covers the notice steps, and ATO tax debt business loans explains how lenders treat a listing.
Example: the default no-one remembered
Rachel, a Perth electrician, applies to refinance two vehicle loans into one $95k facility. The lender declines, citing her credit file. She requests a free copy from both bureaus and finds an $820 default from an old phone contract she thought had been settled when she moved house three years earlier. It appears on one bureau’s file but not the other, which explains why an earlier car loan went through without a problem.
She pays it, the listing updates to “paid”, and she gets a letter from the telco confirming the account is finalised. Her second application, to a lender comfortable with paid defaults, goes through with the letter attached. Checking both files before applying would have saved her a decline and an extra enquiry.
Not sure what your file will show? Start with a no-obligation enquiry and we’ll talk it through.
Related terms
Credit enquiry · Credit score · Business credit score · Comprehensive credit reporting · Default
Know what’s on your file? Let’s find a lender who’ll read it fairly
A file with a mark or two is common among the owners who contact us, and plenty of lenders will still look at it. Asking us takes roughly a minute, and it doesn’t touch your credit file at all. What you send stays with our team rather than travelling down a long chain of lenders each pulling their own report, and a person on that team calls you once they’ve read your situation. Mention any defaults, judgments or tax listings you know about. Being upfront lets us skip the lenders who would say no and go straight to the ones who won’t.
Frequently asked questions
Is a credit file the same as a credit report?
Effectively, yes. The credit file is the information the bureau holds; a credit report is that information when it's printed or shared with you or a lender. Your credit score is a separate number calculated from the file.
Does my business have its own credit file?
A company, and often a business operating under an ABN, has a commercial credit file held by commercial credit bureaus. It records things like business credit enquiries, payment defaults lodged by suppliers, court actions and, in some cases, ATO-reported tax debts. Directors and sole traders still have their personal file as well.
How do I get a free copy of my credit file?
Request it directly from each credit reporting body. Under Australian rules you can get one free copy every three months, plus a free copy if you've been refused credit in the past 90 days or a correction has been made.
Can I remove a default from my credit file?
Only if it's incorrect, for example the debt wasn't yours or the lender didn't give the required notice. A correct default stays for five years even after it's paid, though it will then show as paid, which lenders view more favourably.
Does a business tax debt show on my credit file?
It can show on the business's commercial file. The ATO may report a business with an ABN that owes at least $100k overdue for more than 90 days and isn't engaging, for example by keeping to a payment plan. It's removed once the business no longer meets the criteria.