What’s changed?

What’s changed?

In March 2014, big changes were made to the way credit reporting works in Australia, allowing a more complete view of a person’s credit history to be included in a credit report. It’s called Comprehensive Credit Reporting – and it’s brought Australian credit reporting practices in line with other major countries like the USA and the UK.

What does it mean?

What does it mean?
Every time you apply for credit, participating lenders will be able to see the types of loans and credit limits you already have – including home loans, personal loan and credit cards – plus the dates they were opened and closed. They’ll also be able to see up to 24 months of your repayment history.

What’s the benefit of Comprehensive Credit Reporting?

What’s the benefit of Comprehensive Credit Reporting?
Before Comprehensive Credit Reporting, credit reports only provided limited information – and mostly about negative things, such as overdue debts, bankruptcy or court judgments.
 
Now they can include more information about the loan and credit card accounts someone has, along with details on how they’ve managed their repayments. That means it won’t take as long to establish a positive credit rating, and it’ll be easier for you to show when you’ve recovered from a default.
 
The bottom line? Now you’ll be recognised for doing the right thing.

Who’s included in Comprehensive Credit Reporting?

Who’s included in Comprehensive Credit Reporting?
The big four banks are expected to participate – and to start sharing their data on 30 September 2018 – but for other financial institutions it’s entirely voluntary.

Here at ME, we’ve put our hand up to take part in the scheme, because we believe this new approach to credit reporting will improve the way Australians interact with lenders – giving them access to greater choice and potentially better deals.

What should I be doing differently?

What should I be doing differently?
With more credit providers opting in to Comprehensive Credit Reporting, it’s never been so important to make your repayments on time. If you think you’ll miss a repayment on your ME home loan, personal loan or credit card, get in touch on 13 15 63 so we can discuss alternative payment options.

Any other credit tips?

Any other credit tips?
Here are some more ways to keep your credit score healthy:

Set up direct debits to make sure your bills are paid on time.
Notify ME of your new address whenever you move, so you never miss a bill.

Your questions answered.