They will let you know what to do, which may include waiting until the ban period ends before applying or requesting the credit reporting body to lift the ban to allow the application to be assessed and, if necessary, reapplying a ban after it has been assessed.ĭon’t believe anyone who suggests that there is one single effective means to get protection - there isn’t.Ī credit ban is a short-term action to protect your credit identity, but it is not a long-term solution if you are actively shopping for a new loan. If you are legitimately applying for credit while there is a ban on your credit report, you should remove the ban before applying for new credit or talk to the credit provider before submitting the application. Of course, keep in mind that while there is a ban on your credit report, it will be harder for you to be approved for credit (but that will go away as soon as the ban is lifted). For many lenders, credit checks are required before approving a credit application, so the ban can stop the fraudster’s loan application from proceeding. The ban will initially apply for 21 days (and will then expire if you do not do anything).Ī short-term ban protects you if a fraudster applies for a loan in your name as the lender won’t be able to conduct a credit check. The credit ban will block all third parties, such as lenders or other companies, from accessing your credit file without your consent.īans add a layer of protection to your credit report and provide a short-term response when you are a victim of identity theft. The three CRBs are Equifax, Experian and illion. You can place a credit ban on your credit report with just one credit reporting body (CRB), who, at your request, can also extend the ban to the other two credit reporting bodies. In Australia a ‘lock’ on your credit report is known as a ‘credit ban’.
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