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Thinking of taking out a home or investment loan? Don’t let your credit report slow you down

19 November 2025
by Simon Wood, Director at First Point Group – Finance Brokers & Consultants
4-minute read

When you apply for a loan, Lenders don’t just look at income and savings – they also scrutinise your credit report and repayment / credit history. Even a minor blemish, like an overdue loan payment or late phone bill, can delay or derail a loan approval.

A quick credit check before you start the process can save a lot of stress later.

Why you should do a credit check today

Your credit report is your financial report card. It shows:

Loan history, credit cards and phone/utility accounts and enquiries
Whether you pay on time or late
Any defaults, court judgements or bankruptcies
How often you’ve applied for credit

Checking your report is a soft enquiry, so it won’t impact your credit score. It helps you:

Spot errors or accounts that aren’t yours (it does happen!)
Find late payments or small issues you may need to explain
Clean things up before a Lender views it

The hidden trap: late payments

One of the most common problems we see is late payments on existing credit facilities – this can include home loans, credit cards or other facilities.

A late payment will be recorded on your file and kept for up to two years – often these can be explained, and they don’t always derail the loan application
A default (usually 60+ days overdue and over a set amount) can sit on your report for five years, even after it’s paid

Even a single default can:

Limit how much you can borrow
Push you towards more expensive lenders
Cause delays while the bank asks for explanations

How to check your credit history

In Australia, the main credit reporting bodies are:

Equifax
Experian
illion

You’re entitled to free credit reports from each provider. In most cases you can request them online with basic ID and address history, then download your report as a PDF.

When you receive your report, check:

Are all the loans/cards/accounts actually yours?
Any late payments you don’t recognise?
Any defaults you didn’t know about?

How to dispute an error

Contact the credit provider in writing
Explain why it’s wrong and provide evidence. Ask them to correct the listing.
If that fails, you can escalate
You can complain to an Ombudsman or external dispute body (e.g. AFCA for banks, or the Telecommunications Industry Ombudsman for phone/internet).
Be cautious with “credit repair” agencies
Many charge high fees to do things you can often do yourself for free by dealing directly with the provider and credit reporting body.

Defaults are usually only removed if they’re wrong. If the listing is correct, it will generally stay for up to five years, even once paid.

If you’re not sure where to start, we can talk you through your options.

Avoiding hold ups in your finance application

Ideally, do a credit check 3–6 months before you plan to apply for a loan. That gives time to:

Resolve any issues
Close unused credit cards or facilities
Dispute any errors

First Point Group can help you check your record – for free

Our experienced finance partners at First Point Group can help you obtain and review your credit report at no cost. They can:

Order your report for you at no cost
Explain how a lender is likely to view it
Flag anything that might slow down a finance approval

If there’s a default – what next?

First step: don’t panic. Work out if the listing is:

Accurate – you did fall behind, and the details look right
Incorrect or unfair – wrong person, wrong amount, wrong dates, or the provider didn’t follow the proper process

We encourage you to get in touch with the team at First Point Group– Finance Brokers & Consultants for all of your finance needs. They have over 25 years of experience, a large panel of Lenders, and a team of experts who can guide you through the entire process of obtaining any type of loan/finance.

Financial advice