Major Changes to Credit Regulations

As of March 12 2014 changes to Australian Privacy Laws will take affect. These changes will alter current credit regulations as it will allow credit providers to share additional information on repayment history.

What this means is that Banks will now be able to investigate your history of repayments on loans, credit cards, and credit more thoroughly than ever before. Essentially, this new ability for credit providers to share information on exactly how one has repaid previous loans, will add a further dimension to whether or not a bank will see you as a suitable candidate for a new loan.

Therefore, if you have a history of making late payments this will now become visible to credit providers and subsequently this may effect your chances of securing a loan. On the positive side, if you can be seen to have a history of paying your bills on time this will increase the likelihood of your being seen as a viable candidate for a loan.