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Credit Reporting Reforms the 15 minute tour 1.Basic idea of how credit reporting works 2.A change from Negative Comprehensive reporting 3.Two big changes:

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Presentation on theme: "Credit Reporting Reforms the 15 minute tour 1.Basic idea of how credit reporting works 2.A change from Negative Comprehensive reporting 3.Two big changes:"— Presentation transcript:

1 Credit Reporting Reforms the 15 minute tour 1.Basic idea of how credit reporting works 2.A change from Negative Comprehensive reporting 3.Two big changes: 1.Repayment history information 2.Info about your current credit contracts 4.Hardship and credit reports

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

3 Negative Comprehensive Old system New stuff added Mostly negative information PLUS Now additional positive information *This isnt the whole list – check Privacy Act 6N *

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

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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