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PPG_Blog_feb_image 7_understanding your credit history

Many Australians are in the dark when it comes to understanding their credit history. However, when applying for a business or home loan, or simply taking out a mobile phone plan, approval can come down to one thing: your credit history.

Interestingly, significant changes to credit regulations are about to occur that will add to the information licensed credit providers can share with each other. Until now they have not been able to supply comprehensive repayment history, but this will change from March 12.

Changes to the Australian Privacy Laws will allow information additional to default data and failed lending applications to be included on your credit report. This information will now include 24 months of your repayment history for loans, credit cards and other credit.

The peak body for credit providers and credit reporting bodies, the Australian Retail Credit Association (ARCA), has launched a website www.creditsmart.org.au to inform consumers about the changes. It’s worth taking a look.

Organisations such as Veda, Dun & Bradstreet and Experian Australia Credit Services, provide credit reports if you’d like to see what your history shows. You have the right to obtain once a year one free credit report from each credit reporting body. Something to consider if you are interested in understanding your credit history.

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