Comprehensive credit reporting kicks in today

Posted: 1 July 2019 5:04 pm News

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Your credit report likely now includes more data and your credit score may have changed as a result.

The new financial year is here and so is comprehensive credit reporting. As of today, Australia's Big Four banks are required to share 100% of customer data with credit reporting agencies. This means that when you apply for a credit product and the bank makes an enquiry with a credit bureau such as Experian or Equifax, they can see a more detailed listing of your credit history than before.

Not only does this change how lenders may assess applicants going forward, but your credit score may also have dropped or increased.

As well as the information that's already listed (such as credit enquiries, overdue accounts and the names of your credit providers), your report will now show information including the type and amount you applied for, your maximum credit limits, monthly repayments for the last two years and details of any default agreements. You can see a list of the data that will be available on your credit report in our complete guide to comprehensive credit reporting.

To check if your credit score has changed, you can order a copy of your report and credit score online for free through Finder. Banks have 90 days to share the data, so depending on who you're banking with, you may not notice any changes to your credit report and score for a few weeks. If you order your report through Finder and sign up for free monitoring, you'll be notified any time something changes on your report and you can log in to check back on your credit score at any time.

If you've checked your credit report and your credit score has dropped, there are some steps you can take to demonstrate healthy credit history and improve your score. You can see Finder's guide to improving your credit score to get started.

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