Credit Reports are about undergo their biggest revamp since they started in Australia over 40 years ago.
What’s Changing And When?
In a recent article on the subject, Australia’s most experienced vendor finance lawyer, Tony Cordato, wrote,
“As from 12 March 2014, the Privacy Amendment (Enhancing Privacy Protection) Act 2012 (Cth) will allow credit providers and credit reporting bodies to collect, share and use 5 new data fields for credit accounts –
- the type of credit account opened
- the name of the credit provider and whether they are a credit licensee
- the dates on which the credit account was opened and closed
- the current limit of the credit account (if open)
- a 24 month repayment history information starting December 2012 – that is, the due date for payment, whether a payment has been made on time, and if the due date was missed, when the payment was made.”
Will it be Harder for You to Get A Loan?
In some cases, Yes. However to get a clear picture of what’s about to change, I suggest you have a read of Tony’s article. It’s a real eye opener.