Changes to Australia's Credit Reporting System - 18th December 2014

Changes made to the Privacy Act earlier this year brought one of the most significant changes to Australia's credit reporting system in over 25 years.


The introduction of comprehensive credit reporting has changed the level of information held on an individual's credit report to include positive credit information where once upon a time the credit report only reflected negative information.


What this means is an individual's credit report will include information about credit card and loan payments being made on time as well as recording the times when you may miss or default on a payment.


The changes bring about a number of benefits for Australian consumers and these include:


1. Highlighting good credit behaviour

2. Allowing faster recovery from adverse financial events

3. It becomes much faster to establish a credit profile

4. Providing a more balanced system

5. It may provide an opportunity for consumers to negotiate better deals with providers


The main changes with credit reporting will be an increase of information held such as:


1. The credit account held - credit card or personal loan

2. The date account was opened and closed

3. The credit limit attached to the credit account held

4. Repayment history. This will reflect if you have paid the minimum monthly amount on your   mortgage or credit card on time

5. The minimum default amount has increased to $150-



Establishing a good credit history by adopting good financial habits and paying your bills on time will assist in obtaining credit from providers more easily.


It is always prudent to check your credit file prior to applying for finance to ensure that the information is correct and up to date, and also to avoid any unwanted surprises!


You can access a copy of your credit report by applying online at

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