How does Comprehensive Reporting impact me?

From 1st April 2012 additional information was permitted to be collected, held and disclosed by credit bureaus. Once this data has been supplied by credit providers, your credit history will include positive information such as:

• Type of credit account i.e. credit card, home loan etc.
• Amount of credit extended (limit) e.g. $5,000
• Capacity of individual (such as account holder, joint account holder or guarantor)
• Status of account (Date account opened/closed)
• Details of credit provider i.e. the name organisation / business the account is with
• 24 months repayment history

This is in addition to the existing negative information on your credit report such as:

• Personal details – name, address and date of birth
• Credit inquiry details
• Overdue debts like Payment Defaults (paid and unpaid)
• Court judgments
• Insolvency data
• Records of any ID reported lost or stolen

There are now more reasons to actively manage your credit profile so that you are well positioned under the new Comprehensive Credit Reporting System. You can track your credit reporting information through My Credit Alert product (this is a 12 month subscription) which includes your credit report.

In addition, you are also entitled to get a copy of your credit report for free (to be supplied within 10 business days) or if you require this more quickly for a modest amount (to be supplied within 3 business days) – you can find out more on our Products page.