How much does an Equifax credit check cost?
Equifax credit checks are available via Mercury Nexus and cost $8.95 + GST for every report generated.
How are the Equifax credit check fees charged?
The fee will be based on usage and charged to the partner group as part of their monthly membership fee invoice.
How am I getting charged for the Equifax reports I’m requesting?
As a broker, every Equifax credit check requested will be billed to your partner group.
At partner group level, the Equifax usage fees will be totalled and charged in arrears as part of the monthly fee invoice.
How will I be charged for Equifax credit check reports?
If you’re a partner group, the combined Equifax usage for your brokers, will be charged in arrears to your monthly fee invoice.
An Equifax usage report can be provided upon request.
Can I get an Equifax usage report?
Yes, Equifax usage reports can be provided upon request for both a partner group and an individual broker.
Can I see how many Equifax credit check reports I’ve requested?
Yes and no. Brokers belonging to a partner group will not be able to access their own usage report.
Usage reports will be provided to the partner group only and it is the responsibility of the partner group to manage brokers’ usage and agree how payment between the different parties is handled.
About Equifax
What makes Equifax different?
Equifax is Australia’s largest credit bureau, with credit data on over 19.4 million individuals.
Their reports provide:
Comprehensive Credit Reporting (CCR): includes 24 months’ repayment history, account types and limits, hardship flags, and more
Advanced scoring model: uses CCR and alternative data sources (like Buy Now Pay Later and geodemographic info) to provide a clearer view of credit risk
Commercial insights: linkages to directorships, business credit history, and commercial credit files
Hardship visibility: access to flagged financial hardship arrangements — critical for understanding current repayment behaviour
What information appears on an Equifax credit report?
The report includes both positive and negative data. You’ll see:
24 months’ repayment history
Account types, limits, and status
Names of credit providers
Hardship flags
Credit enquiries
Defaults (60+ days overdue)
Insolvency and court actions
Business relationships and trading history.
Will accessing a credit report via Mercury Nexus affect my client’s score?
No. When you access a report as a broker acting with consent, it’s considered a soft enquiry. These are not visible to other lenders and do not impact your client’s credit score.
How is the credit score calculated in the Equifax report?
Equifax uses a model called One Score, which combines traditional credit data, CCR data, and alternative data (like Buy Now Pay Later activity). Key factors include account repayment history, number and type of credit applications, and credit provider type.
What do the RHI and FHI codes mean in the repayment history?
RHI (Repayment History Information) codes show how many days a payment is overdue each month (e.g. 0 = on time, 1 = up to 29 days late).
FHI (Financial Hardship Information) codes indicate if a temporary (A) or varied (V) hardship arrangement is in place. FHI is retained for 12 months and does not affect the credit score.
How long do defaults or insolvencies stay on a credit report?
Defaults remain for 5 years from the date of listing, even if paid.
Court actions and insolvencies remain for 7 years.
This information helps credit providers assess risk, even after resolution.
Why might a report return a “possible match” or no file at all, even when the client has a credit history?
Equifax uses complex identity matching algorithms. If a file returns as a possible match or isn’t found, it could be due to:
Typos or incomplete identity information
Recent name changes (e.g. marriage)
State relocation or new arrival in Australia
Lack of credit applications in the past 5–7 years
Providing more detailed identity data can improve match accuracy. Equifax’s system achieves a 97% match rate when sufficient details are submitted.
What’s the difference between the three credit scores available in a report — and when should I pay attention to each?
You may see up to three score types in a report:
Comprehensive Score (One Score): Most reliable and predictive; includes CCR and alternative data.
Negative Score (One Score – no CCR): Used when CCR data isn’t available or shared.
VedaScore 1.1: A legacy model still included for reference.
Use the Comprehensive Score whenever possible — it reflects a broader, more recent data set, especially if your client’s repayment history and hardship information are relevant.
Why might a report exclude a credit score, and how should I interpret that?
A report may not generate a score if:
There is insufficient credit data available
The client is under a personal insolvency agreement
The file includes certain exclusions (e.g. deceased status or active credit ban). In these cases, Equifax will return a “special case score” notice explaining the reason for exclusion. You can still review the file’s raw data to assess risk manually.
Note: For Billing and Usage report enquiries, please contact the team by emailing at [email protected].