Comprehensive Credit Reporting (CCR) changes the information we share with credit reporting bodies. Previously we only reported information including new credit enquiries (credit applications) and payment defaults. Now we report:
- The types of loan and credit accounts you hold
- When accounts were opened – and closed (if relevant)
- Your monthly outstanding balance
- If your account is in a financial hardship arrangement or has been permanently varied under a hardship agreement
- Your repayment history, including:
- when you make payments on time
- when you're late by 14 days or more on a repayment
Information about how you repay your credit also known as Repayment History Information (RHI) is displayed on your credit report for 24 months. Information about whether you have a hardship assistance arrangement also known as Financial Hardship Information (FHI) is displayed on your credit report for 12 months. Other information can be displayed for up to 7 years where required.
We may also tell a credit reporting body if we suspect you have committed a serious credit infringement (for example, if you fraudulently obtain or attempt to obtain credit or you deliberately seek to evade your repayment obligations).
We may share credit information for any of your credit products. So how you manage your money is important, like making your repayments on time, as it may influence your future lending applications.
We’ve got some helpful tips to get you started on managing your money and having a healthy credit report.
Top Tip 1 - Set up a direct debit:
Details of your repayment history will now appear on your credit report, including when you pay on time and when you miss any payments. The more repayments you make on time, the better you look. The easiest way to stay on top of your repayments is to set up a direct debit, so you can set your repayment and know it’s being paid on time.
Top Tip 2 - Check your credit report:
Check the information that’s recorded about you is correct. If you find something that doesn’t look right, contact us at email@example.com and we will check it for you.
You are also entitled to a free copy of your credit report from each credit reporting body every three months.
Top Tip 3 – Consider every loan and credit application you make:
Your credit report shows not only your current loan and credit accounts, but also every application you’ve made. Too many applications can have a negative impact on your report, so try and keep them to a minimum.
Credit reporting bodies are independent organisations that securely gather and distribute credit and personal information to financial institutions to assist them in making lending decisions. VWFSA provides information to and uses information from two different credit reporting bodies – Equifax and illion:
Phone: 13 83 32
Mail: Equifax Australia Information Services and Solutions Pty Limited
PO Box 964
North Sydney NSW 2059
Call: 1300 734 806
Mail: illion Australia Pty Ltd
PO Box 7405
St Kilda Rd, Melbourne VIC 3004
Each of these credit reporting bodies is required to have a policy which explains how it will manage your personal information. If you would like to read the policies of the credit reporting bodies we disclose information to, you can click on the links provided above. If you would like more information about the way they manage your personal information, you can contact them directly.
If you believe that you have been or are likely to be a victim of fraud (for example, because you discover someone else is applying for credit in your name), you can ask credit reporting bodies not to use or disclose credit reports they hold about you. You can do this by contacting the credit reporting bodies directly. If you make such a request, a credit reporting body will not disclose information about you for 21 days. You can request an extension to this period if you believe you are still, or still likely to be, a victim of fraud.
To understand more about credit reporting, refer to the Australian Retail Credit Association website, Credit Smart. Credit Smart has useful information about financial hardship arrangement changes, understanding your credit score and how defaults affect your credit report.
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