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Credit Reporting Reforms the 15 minute tour

Credit Reporting Reforms the 15 minute tour. Basic idea of how credit reporting works A change from ‘Negative’ → ‘Comprehensive’ reporting Two big changes: Repayment history information Info about your current credit contracts Hardship and credit reports. How credit reporting works. Credit

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Credit Reporting Reforms the 15 minute tour

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  1. Credit Reporting Reformsthe 15 minute tour • Basic idea of how credit reporting works • A change from ‘Negative’ → ‘Comprehensive’ reporting • Two big changes: • Repayment history information • Info about your current credit contracts • Hardship and credit reports

  2. How credit reporting works Credit Reporting Body (eg Veda) Credit Reports CP Bank Consumers Personal info Defaults etc, Details of credit Credit Reports CP Other lender Defaults etc, Details of credit Consumers Personal info Credit Reports Defaults etc, Details of credit CP Utility Insolvency Consumers Personal info Judgments AFSA Courts

  3. ‘Negative’ → ‘Comprehensive’ Old system New stuff added PLUS *This isn’t the whole list – check Privacy Act 6N * Now additional ‘positive’ information Mostly ‘negative’ information

  4. New: Repayment History Every month, consumer credit providers can report whether you: Held for 2 years! Partial payment = missed payment 5 days grace! Only consumer credit! (not utilities) Nothing about amounts!

  5. New: Consumer Credit Liability Info

  6. Are hardship variations listed on a credit report? No There is nothing in the Privacy Act that allows anyone to list that a hardship application has been made, or a variation has been given. • But… • a lender looking at a credit report may be able to put two and two together – perhaps by looking at record of Repayment History

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