Find out what lenders really think of you and how to unlock better offers with a Free Credit Report.
*This is for private individuals applying for there own report only
A Free NZ Credit Check enables you to assess your financial background.
A Free Credit report for NZ details your personal credit history for accounts you've had in the last five years, including mortgages, credit cards, overdrafts, loans, mobile phone contracts and even some utilities such as gas, electricity and water. If you're over 18 and have taken out credit before, a credit reference agency is likely to hold a credit report on you.
Been turned down for credit or ready to apply?
There are a number of reasons why lenders reject credit applications. To find out what factors are negatively affecting your chances, or before applying you need to make sure your credit report is in good order. Sign up to our credit watch and know before you apply.
Find out your credit score
Your credit score is just part of the picture but acts as a good indication of how likely you are to obtain good finance deals. Generally if you score 499 or less you are unlikely to source any form of mainsteam lending.
Knowing your credit score is the key to taking control of your finances.
With our CreditWatch service we will notify you when something appears on your credit report. By monitoring your report you will know instantly if someone is trying to use your identity to obtain credit.
A Credit Check returns details of any court and insolvency data such as Court Judgements, SIO, NAPS and Bankruptcy Orders which are retained on an individual's credit report for a period of 5 years. The candidate's address history is also displayed using data from address links held on the credit bureau. A credit score plus a graphic illustrating how the candidate compares to the NZ population.
A view of credit accounts you’ve had and whether you’ve made repayments on time and in full. Items such defaults stay on your credit report for at least five years, as do court judgments for non-payment of debts, bankruptcies and individual voluntary arrangements.
A list of the people with whom you have a financial connection, such as a joint mortgage or bank account - they are known as your financial associates. Their credit history doesn’t appear in your credit report. However, when you apply for credit, lenders are able to look at their credit history also, as their circumstances could affect your ability to repay what you owe.
A view of information for your current address and previous addresses you provide when you apply. It also contains details of any other addresses you’ve been linked to in the past, such as those you’ve given to lenders on application forms.
The information in your credit report comes from multiple sources:
Public information - This includes electoral roll information, court judgments and bankruptcy information.
Credit history information - Many lenders share information on what you owe, and whether you’ve paid on time. You agree to this as part of any application for credit. Some lenders only contribute information on accounts that have defaulted, but these days most share monthly updates on all customers.
Identity and address information - We use multiple sources to confirm both identity and address information but preliminary information comes from sources like NZTA and the Department of Internal Affairs.
In an internet age where information is readily available and identity theft is on the increase you should really be checking your Credit report on a monthly basis. Not only to ensure no unauthorised activity s taking place but also to ensure that no incorrect information is recorded as this too can can an adverse effect on your credit.
If the information returned from the Credit Check is incorrect in any way you can contact the Credit Reference Agencies directly to correct it:
With a higher credit score you’ve got more chance of being accepted for credit, at the best rates. So a high credit rating can mean you’ll get a better deal on a credit card, a lower rate on a loan, and pay less interest on your mortgage – meaning it can save you money.
1. Prove where you live
Lenders will check your name and address to prove that you live where you say you do. You can do this even if you are still living at home with parents, or sharing student accommodation. This makes it easier for banks and financial institutions to confirm your identity.
2. Start to build a history
Having accounts such as a bank account could really help. Initially, taking out a new account might see your score reduce a little, but managing it well should help to improve your Credit Score whilst building your credit history. A bank account with an overdraft facility is a form of credit and can show that you can keep within its spending limits.
3. Consider closing unused accounts
Consider closing unused credit accounts if you no longer require them. Lenders can take into account the credit limits available to you, not just what you currently owe. It could be better to have fewer, well-managed accounts, and long-standing accounts with good histories.
4. Space out credit applications
Applying for lots of credit can suggest you are over reliant on credit to supplement your income. If you can, aim for no more than one application for credit in a three month period – this could be applying for a credit card, debit card, mortgage…even a car finance deal.
5. Aim to have a good amount of available credit
Your ‘available credit’ is the difference between your outstanding balance and your credit limit. If you have low available credit, or a large number of your accounts are using above 50% of your available credit, banks and financial institutions may think you’re struggling to manage your finances.
6. Try to avoid delinquent and defaulted accounts
Accounts become delinquent when you’re late on payment. Accounts are defaulted when the borrower fails to repay the loan as scheduled in the initial agreement. Defaulted accounts will remain on your credit report for five years.
7. Try to avoid or resolve court judgements, SIO’s, NAP's or Bankruptcy
All of these items will have a negative effect on your Credit Score for five years from the date the entry was recorded. These records should not appear on your credit report after five years as long as they have been settled/discharged.
8. Protect your identity
Look out for unfamiliar or suspicious entries in your report, such as an account you didn't open, a sudden surge in the amount you owe or new credit applications you didn't make - they could mean you're a victim of identity fraud.