Walking into a loan application without knowing what’s on your credit file is like going to a job interview without reading your own CV. The lender will see it either way. Checking first lets you correct errors, prepare explanations and target lenders whose criteria fit.
Who holds your credit information?
The New Zealand Government lists three credit reporting agencies:
- Centrix
- Equifax
- Experian
Each may hold slightly different information, because not every creditor reports to every agency. Lenders may use one or more of them. For the full picture, request your report from all three.
How to request your report
Each agency has an online request process on its website. You’ll need to verify your identity — usually with a driver licence or passport and your address history.
- Free: you can get your report free of charge.
- Faster, for a fee: if you need it urgently, you can pay for a quicker response.
Your rights to access and correct credit information come from the Privacy Act 2020 and the Credit Reporting Privacy Code, overseen by the Privacy Commissioner.
What to check, section by section
Identity details
Name spellings, date of birth, current and previous addresses. Errors here can mix your file up with someone else’s.
Credit accounts and repayment history
The loans, cards and other credit accounts listed, and whether they show on-time repayments. Close any old accounts you no longer use with the provider — though closed accounts may still appear for a time.
Credit enquiries
Every time you applied for credit and a lender checked your file. Look for enquiries you don’t recognise — they could indicate identity fraud. Note how many recent enquiries there are; several in a short time can make lenders cautious. See what a credit check is and when it happens.
Defaults
Overdue debts listed by creditors. For each one, check:
- Is it yours?
- Is the amount right?
- Has it been paid? If so, does it show as paid?
Defaults generally remain on your file for years even after they’re paid, but a default marked as paid reads much better to a lender.
Judgments and insolvency
Court judgments, bankruptcy or a No Asset Procedure. Check dates and details carefully.
Fixing errors
If something is wrong:
- Contact the credit reporter holding the incorrect information and ask for it to be corrected. Provide evidence — a payment receipt, a settlement letter, proof of identity.
- Contact the creditor that listed it, if needed; they may need to update what they reported.
- Keep records of every request and response.
- If you’re not satisfied, you can raise a complaint with the credit reporter and, after that, the Office of the Privacy Commissioner.
Do this for each agency where the error appears — they don’t share corrections with each other automatically.
What about the company’s credit record?
If you trade through a company, it may have its own commercial credit record — commercial defaults, court actions and payment behaviour with suppliers. Commercial credit reports are generally purchased from the credit reporters. Ask your accountant, or check with the agencies about how to access your company’s record.
What to do with what you find
If your file is clean: great. You can apply with confidence.
If there are defaults or arrears: prepare a short explanation — what happened, why, what you did, what’s changed. Our guide on explaining a bad year to a lender gives you a framework. Consider paying outstanding defaults if you can.
If there are too many recent enquiries: pause new applications and talk to someone who can target the right lender first.
How often should you check?
There’s no rule, but a sensible rhythm for a business owner is:
- Before any significant application — ideally a few weeks ahead, so there’s time to correct errors.
- Once a year as a routine check, even if you’re not borrowing.
- Straight away if you’re declined unexpectedly, receive a debt collection letter you don’t recognise, or suspect your identity has been misused.
Because the report is free, the only cost is a few minutes and, if you don’t pay for speed, a wait.
Signs of identity fraud to watch for
Credit reports are one of the best early-warning systems for identity theft. Look for:
- Credit enquiries from lenders you’ve never approached.
- Accounts you didn’t open.
- Addresses you’ve never lived at.
- Defaults for debts you don’t recognise.
If you see any of these, contact the credit reporter and the creditor immediately, and consider asking the credit reporters about a suppression on your file while it’s investigated. Report identity theft to the police and keep a record of everything.
Bad credit doesn’t mean no options
Property-secured business loans from $20,000 to $1m consider bad credit, defaults and arrears case by case, because the property carries much of the risk. Some unsecured lenders consider weaker credit where recent bank statements are strong. Our answer on business loans with bad credit explains more.
Talk before you apply
Enquiring with the Hotline is free, takes about 60 seconds and doesn’t affect your credit score. Ring us with your report in hand, or request a call back.
Ready when you are. Ring 09 875 4577 or request a call back — a lending specialist will talk it through.