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s WARNING: Do you really need a loan today?*

It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.


Check your options before you borrow:

  • For information about other options for managing bills and debts, call 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor.
  • Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan.
  • If you are on government benefits, ask if you can receive an advance from Centrelink: www.humanservices.gov.au/advancepayments

The Australian Government’s MoneySmart website shows you how small amount loans work and suggests other options that may help you.

*This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009

Positive credit reporting – Find out how positive credit reporting is making an impact for both lenders and borrowers and what it means for you!

What is positive credit reporting?

Positive or Comprehensive credit reporting (CCR) is a new credit reporting system in Australia that records a positive credit history instead of only a negative one.

Positive credit reporting allows those who are demonstrating good credit behaviour to be able to have that reflected on their credit report as well, instead of only reporting negative behaviours.

Your credit score will now reflect repayment histories such as your home loan or credit cards repayments that were made on time, in advance or extra repayments ie. more than your minimum recommended house repayment.

Benefits of positive credit reporting:

Until a few years ago Australia only offered negative reporting policies.

Basically the only entry’s recorded on your credit report were defaults or infringements that were reported on by companies against you.

Lenders would then use this to base their assessments on whether the applicant/borrower was a good risk or whether their negative entry’s made them too much of a risk for the lender to approve a new loan.

Things that can be found on your credit report include, defaults, overdue debts, bankruptcy or court judgments.

The new way of credit reporting in Australia is bringing positive changes for lenders and borrowers as it is allowing customers with good credit reports to be recognized.

It also allows those who have had defaults reported against them to show they have positive reports as well.

This gives the lenders more of a full picture of a borrowers financial habit and whether they will be more likely to be a good candidate for loan approval.

This is a positive move for Australian credit reporting because bringing a positive credit reporting system to Australia moves us inline with other leading financial countries like the USA and the UK.

How do I find out what is on my credit report?

There are three credit reporting agencies that you can request a credit report from at anytime.

To find your credit report Australia you need to go to the website of one of the three reporting companies:

  • Equifax (Veda)
  • Dun and Bradstreet
  • Experian

How do I get a free credit report?

You can get a free credit report however it may take up to a couple of weeks for it to arrive.

If you want your credit report urgently or quicker than offered with the free service you will need to pay a fee. The cost depends on which agency you go through to get it and how quickly you require the report.

You can find the costs at their websites:

Dun and Bradstreet

Equifax

Experian

What if I don’t agree with what is on my credit report?

If you think that an entry has been made in error on your credit report then the first enquiry you should make is with the company that has listed the debt.

If you cannot come to any resolutions there, then you can contact a credit report fixing company.

Ask for an enquiry or give them a call and discuss your credit report and how to fix or change entries. If they are incorrect or wrong they can help you clear your credit report before you apply for a loan.

Ensure you read the fine print because most companies offer free credit reports but require payment when it comes to changes/fixes on your file even if they are not your fault.

How do I improve my positive credit reporting?

To ensure you have a positive credit reporting score ensure you:

  • Pay your bills on time; setting up direct deposits/debits is a good way to ensure this.
  • Try not to switch credit lenders too often.
  • Notify your lender of your new address.
  • Research and only apply for credit when you need it.

Therefore if you are going to apply for a loan it is a very wise idea to have a look at your credit report and find out what it is telling lenders about you! This could impact whether your loan is approved or not and what kind of deal or interest rate you are offered. It is well worth the time to investigate and be prepared before you apply for that all-important loan.

positive credit reporting

positive credit reporting