Make sure you’re not one of the 83% of Australians* who is unaware of the upcoming changes to credit reporting!
From mid-2018, comprehensive credit reporting (CCR) is being introduced.
The new credit reporting system will provide Funders with a fuller, clearer picture of your credit history. These changes may make it easier – or for some people, harder – to get credit or a loan.
Up until now, your credit report has mainly shown if you have demonstrated ‘bad’ credit behavior, such as defaults and other credit infringements and bankruptcies. Once the new system is introduced, your credit report will also include information about your repayment history.
If you pay off your credit card and loans on time, you will be demonstrating your ability to manage your debts responsibly, and this will count towards your credit worthiness.
Conversely, a poor credit history will be more obvious and impact on the likelihood of a future loan approval.
The most important action you can take now and into the future, is to pay all your debts on time.
Under the new credit reporting system, it will be more important than ever to make your repayments on time, as late or missed payments will show up in your credit report. If you are finding it hard to make repayments or if you have lost your source of income, contact us right away. We may be able to help you restructure your repayment obligations.