Privacy Law and Credit Reporting Changes

On the 12th March 2014, we see the introduction of a raft of new privacy and credit reporting laws, which will affect all borrowers.

Credit reporting is undergoing a dramatic overhaul which will see credit providers (banks, building societies, mortgage managers, credit card providers, etc.) now reporting on both good and bad history. This is a transition from negative reporting to positive reporting where providers can record data about your credit worthiness in a positive manner.

Whilst the ability to report good conduct is a win for the consumers, those who pay bills late or just a portion of the bill may find themselves in troubled waters when applying for funds. It appears that credit providers may report unpaid bills that have not been paid within 5 days of the due date.

More information is available direct from the Office of the Australian Information Commissioner at and where you can find the link to access the repayment history factsheet.

A copy of your credit file is available at no cost via post upon request. If you are in a hurry, you can pay to receive your credit report via e-mail. Details on how to access to your credit file are available at