Changes to your credit history reporting


Proposed changes to credit reporting could mean your finances are not so private anymore!

A credit report is a detailed report of an your credit history prepared by a credit bureau for use by lenders to determine your credit worthiness.

What is my credit report?

Currently your credit report contains details of all of your credit enquiries eg home loans, car and personal loans, phone plans, credit cars, store cards and Zip-pay. It also includes negative information such as defaults, significantly overdue accounts, bankruptcy and other serious credit infringements).

The Australian Government has proposed a change that mandates Comprehensive Credit Reporting (CCR) from 1 July 2018. 

Also known as 'positive credit reporting', the proposed CCR legislation requires the reporting of positive, as well as negative, credit history.

 What this means for you?

The proposed change means that additional information, such as account open dates, credit limits and up to 24 months of repayment history, will be on-line and available for all agencies to view when considering your application.

This means that late payment of bills will now be on-record for other registered parties to see.

Protecting your credit history

Your credit history can affect your future borrowing.

This means it's now as important as ever to pay your bills on time.

Your history can remain on file for up to 7 years.

To view your own credit file, visit one of the on-line sites and apply for your own history at no cost to you.


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