Comprehensive credit reporting’ also known as ‘positive reporting’ started in February 2018, with more licensed credit providers expected to provide more detailed information to the Credit Reporting Agencies over the coming year. Previously negative Credit events like defaults, debt agreement, judgements and inquiries were mostly reported and the positive events not made available.

Comprehensive credit reporting will now start to include items like:

  • 24-month repayment history for credit cards, home loans and personal loans

  • If minimum monthly payments are made

  • If the payments are on time or late

Other information provided by Credit Reporting Bodies include:

  • The type of credit accounts applied for and opened

  • Open and closed dates of credit accounts

  • Name and credit limit details for each credit facility.

Comprehensive credit reporting gives credit providers a clearer overview of your credit conduct and repayment history. This potentially may be of benefit for people who pay their accounts on time every time as more lenders may use this information to make credit decisions and some lenders are now offering interest rates that are partly determined by the credit report.

It is increasingly more important to manage your credit history by:

  • Only making credit applications when needed

  • Pay all bills and credit facilities on time

  • Monitor your credit report and credit score

You can request your free credit report from the Credit Reporting Agencies or sign up for a monitoring service. Further information can be found on the money smart website https://www.moneysmart.gov.au/borrowing-and-credit/borrowing-basics/credit-reports

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