We want to keep you updated on a proposed legislative change that may affect you.
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 mandates the reporting of positive, as well as negative, credit history – from Australia’s largest financial institutions.
What this means for you
Today your credit history includes credit enquiries (applications for consumer credit and credit contracts) and negative information (significantly overdue accounts including defaults and serious credit infringements, and public record information).
The proposed change means that additional information, including account open dates, credit limits and up to 24 months of repayment history, Lenders will be suppling to the three credit reporting bodies for all open consumer credit accounts.
How to protect your credit history
This means it’s now as important as ever to pay your bills on time, and if you do, this will appear favourably on your credit report.
Setting up automatic payments, can take the hassle out of remembering to pay your bills on time and help you to keep your payments on track, as long as you always have sufficient funds in your account or reminder when the balance reduces below a certain amount.