Comprehensive credit reporting changes in Australia.
Comprehensive credit reporting changes were introduced in Australia a few years back.
Basically it means more detailed information will be added to your credit history. Some good and some bad.
Banks and other lenders have been slow on the uptake to add data to credit history data bases with Equifax formerly Veda.
Currently most of the major lenders have added any open credit cards you may have and the last two years of payment history. This was their first meaningful obligation as part of comprehensive credit reporting changes being introduced.
This can be good if you pay on time as it will show as much. Previously that was not the case and prompt payers were not rewarded this way.
Come September this year the banks will now have to add your mortgage payment history to your credit history.
This is all part of the ongoing update of credit reports by the major lenders.
This will allow lenders to more accurately gauge your liabilities and therefore allow them to lend more responsibly. Or so they say.
Here is another article on credit reporting amendments as shown on news.com.au website. It may be of interest.
You can review and assess your credit report any time by accessing our credit file assessment service here.