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 http://www.oaic.gov.au/privacy/privacy-topics/credit-and-finance/ and http://www.oaic.gov.au/privacy/privacy-law-reform/credit-reporting-reform 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 http://www.mycreditfile.com.au/home/free-credit-file.dot