Changes to Credit Reporting Laws

Changes to privacy laws are being introduced in March 2014.  This means that paying your bills late could seriously damange your credit rating.  Currently Australia has a negative reporting system where your credit rating is concerned which essentially means that it only reported your applications for credit and if you defaulted on any of your loans or accounts.  The key changes and information that will be collected from March 2014 include

• The date the credit account was opened
• The date the credit account was closed
• The nature of the credit account and the type of credit
• The credit limit of the account
• 24 months of repayment history on the account.

The last point is of paramount importantance because paying your bills late could mean a down grading of your credit score.  
It's time to really start paying attention to your credit rating.  To know more about understanding your credit file click here.

If you'd like to find out what your credit rating is you can access this information at veda advantage.