Credit Cards
Public Forum
Credit Reports
Apply For Cards
Credit Directory
Credit Articles
Credit Problems
Credit Glossary
Credit Laws
Business Credit



Credit And Banking In Australia

Australia's primary credit bureau is Credit Advantage, formerly known as the Credit Reference Association Of Australia, which holds records on over 12 million people and one million businesses. Credit Advantage is used by approximately 3,800 credit providers, who make a total of 45,000 enquiries per day.

Due to legal restrictions, Credit Advantage does not report any positive information. It is essentially a "blacklist" containing listings of accounts that are at least 60 days past due, along with public records of lawsuit judgements and bankruptcies. Bounced cheques of over $100 (after two attempts at clearing) and enquiries are also listed.

Defaults, bad cheques, court judgements, and enquiries remain in a consumer's file for five years. Paying off a defaulted account will not cause the item to be removed - the listing will be changed to note the paid-off status, but will remain (as a negative) until five years after originally being reported. Bankruptcies remain for seven years. Vaguely defined "serious credit infringement" (probably meaning high-dollar fraud) can remain for seven years.

The company started in 1967 as the Credit Reference Association Of NSW, with 90,000 files containing bad debt information contributed by the Retail Trader's Association Of NSW. The database originally consisted of paper index cards in shoe boxes. In the early 1970s, notations of enquiries were added to the files.

In 1976, the company expanded into the state of Victoria (with a separate database) and changed its name to the Credit Reference Association Of Australia. In the early 1980s, the database was computerized, with further expansion nationwide. A database of information on businesses was also started.

In 1998 CRAA began using a new holding company called Data Advantage Ltd. In April 2000, CRAA (also known as Credit Reference Ltd) changed its name to Credit Advantage, and was part of the Data Advantage Group. They later changed their name to Veda Advantage.

For details on obtaining a free copy of your personal credit report, go to the Veda Advantage web site.

Their credit scoring and risk management software affiliate is Decision Advantage (formerly known as Equigen.)

Veda has a marketing subsidiary known as Inivio.

Australian credit bureaus are strictly regulated by the Privacy Act, as enforced by the Australian Privacy Commissioner.

The primary Australian federal law regulating creditors is the Consumer Credit Code.

Australian Bank & Credit Directory

Adelaide Bank


Arab Bank Australia

American Express

AMP Banking


Australian Central Credit Union

Bank of America

Bank of China

Bank of Queensland



Bass and Equitable - B&E

Bendigo Bank

Big Sky Credit Union


Coles Group

Commonwealth Bank Of Australia

Community First Credit Union

Companion Credit Union

Credit Suisse First Boston Australia

Credit Union Australia - CUA

Defence Force Credit Union

Deutsche Bank

Delphi Bank


Elders Rural Bank

Heritage Building Society


Hunter Mutual

Gem Visa

ING Direct

Leasepac Financial Services


Loans From Home

Macquarie Bank

Members Equity Bank

MemberFirst Credit Union

MyState Financial Credit Union

National Australia Bank

Newcastle Permanent Building Society

NSW Teachers Credit Union


Qantas Staff Credit Union

QT Mutual Bank

Queenslanders Credit Union

Rabobank Australia

Rand Merchant Bank

The Rock Building Society

Royal Guardian Mortgage Corporation

Savings and Loans Credit Union

Standard Chartered Bank

St. George Bank

Suncorp-Metway Ltd

Teachers Mutual Bank

Territory Insurance Office - TIO

Trustar Mortgage


United Overseas Bank

Victoria Teachers Mutual Bank

Virgin Money

Westpac Banking Corporation

Wide Bay Australia

Woolworths Ezy Banking


BPay - A system for payments via online banking to a large number of billers

Cash Now - Offers payday loans.

PayMate is an online Person-To-Person payment system based in Australia.

Society One - Peer-To-Peer lending platform site.

Australia's central bank is the Reserve Bank Of Australia.

The Australian Bankers' Association is a trade organisation.

The Financial Co-operative Dispute Resolution Scheme (FCDRS) handles disputes between consumers and financial services providers.


International Banking And Credit


    Top Of Page



Privacy, Security, And Legal Notices

Copyright 1999 - 2019 Enkephalos Web Design