Use this guide to understand how Equifax credit checks work in Mercury Nexus, how fees are charged, and how to interpret report results.
Fees and billing
How much does an Equifax credit check cost?
Equifax credit checks requested via Mercury Nexus cost $8.95 + GST per report.
How are Equifax credit check fees charged?
Fees are based on usage.
All Equifax reports requested during the month are:
Totalled at partner group level
Charged in arrears
Included in the partner group’s monthly membership fee invoice
Who is billed for Equifax reports?
Each Equifax credit check requested by a broker is billed to their partner group.
At partner group level:
Combined broker usage is charged monthly in arrears
The partner group is responsible for managing internal cost allocation
Can I access an Equifax usage report?
Yes.
Usage reports can be provided upon request for:
A partner group
An individual broker
Note (Blue)
Brokers within a partner group cannot directly access their own usage report. Reports are provided to the partner group only.
For billing or usage enquiries, email [email protected].
About Equifax
What makes Equifax different?
Equifax is Australia’s largest credit bureau, holding credit data on over 19 million individuals.
Equifax reports include:
Comprehensive Credit Reporting (CCR) data
24 months’ repayment history
Account types and limits
Hardship flags
Advanced credit scoring models
Business and directorship linkages
Many lenders use Equifax as part of their credit decision process.
What information appears on an Equifax credit report?
An Equifax report includes both positive and negative credit data, such as:
24 months’ repayment history
Account types, limits and status
Names of credit providers
Hardship flags
Credit enquiries
Defaults (60+ days overdue)
Insolvencies and court actions
Business relationships and trading history
Does accessing a credit report affect my client’s score?
No.
When accessed by a broker with client consent, it is recorded as a soft enquiry.
Soft enquiries:
Are not visible to other lenders
Do not affect the client’s credit score
How is the Equifax credit score calculated?
Equifax uses a model called One Score.
This combines:
Traditional credit data
Comprehensive Credit Reporting (CCR) data
Alternative data (e.g. Buy Now Pay Later activity)
Key factors include:
Repayment history
Number and type of credit applications
Type of credit provider
Understanding RHI and FHI codes
RHI – Repayment History Information
RHI codes show how many days a payment is overdue each month.
For example:
0 = Paid on time
1 = Up to 29 days overdue
FHI – Financial Hardship Information
FHI codes indicate hardship arrangements:
A = Temporary hardship arrangement
V = Varied arrangement
FHI information is retained for 12 months and does not affect the credit score.
How long do defaults or insolvencies remain?
Defaults remain for 5 years from the listing date (even if paid).
Court actions and insolvencies remain for 7 years.
This information assists lenders in assessing risk, even after resolution.
Why might a report return a “possible match” or no file?
Equifax uses identity matching algorithms.
A report may return a possible match or no file due to:
Typos or incomplete identity details
Recent name changes
State relocation
Recent arrival in Australia
No credit activity in the past 5–7 years
Providing complete and accurate identity information improves match rates.
Equifax achieves approximately 97% match accuracy when sufficient details are provided.
Why are there multiple credit scores in the report?
You may see up to three score types:
Comprehensive Score (One Score)
Most predictive
Includes CCR and alternative data
Preferred score for assessment
Negative Score (One Score – no CCR)
Used where CCR data is unavailable
VedaScore 1.1
Legacy model
Included for reference
Use the Comprehensive Score whenever available.
Why might no credit score be generated?
A report may not generate a score if:
There is insufficient credit data
The client is under a personal insolvency agreement
The file includes exclusions (e.g. deceased status or active credit ban)
In these cases, Equifax may provide a “special case score” notice explaining the exclusion.
You can still assess the raw credit data manually.
Need help?
If you need help running Equifax credit checks in Mercury Nexus, contact your Partnership Manager or email [email protected].
For billing and usage report enquiries, email [email protected].