Comprehensive Credit Report

LETTER DEFINITION

R - Revolving (you have revolving credit, such as a credit card)

O - Open

I - Installment (given credit on an instalment basis, such as for a car loan)

L - Lease

C - Credit line

M - Mortgage

NUMBER DEFINITION

0 - Too new to rate; approved but not yet used

1 - Pays (or paid) within 30 days of billing or has no more than one late payment

2 - Pays (or paid) 31-60 days late or has more than two late payments

3 - Pays (or paid) 61-90 days late

4 - Pays (or paid) 91-120 days late or has more than four late payments

5 - Pays (or paid) more than 120 days late or has more than four late payments, but not yet rated 9

6 - Makes regular payments under a consolidation order, credit, or similar agreement

7 - Makes regular payments under a consolidation order, credit, or similar agreement

8 - Repossession

9 - Bad credit, sent to a collection agency, disappeared

BANKRUPTCY

How long does bankruptcy last on the credit file?

In Australia, the length of time a bankruptcy stays on your credit report depends on two factors:

- The date you became bankrupt

- The date your bankruptcy ended

Your bankruptcy will be reported for the later of these two durations:

- 5 years from the day you became bankrupt; or

- 2 years from the day your bankruptcy was discharged (ended)