Do you want to get a positive credit rating?


good credit, bad credit

There are some major changes occurring in March 2014 with the way information is reported on your credit file. Historically, only bad credit ratings – missed repayments or defaults were reported on your credit file, which then made it difficult to obtain finance from lenders.

As a part of the reforms to the Privacy Act, new kinds of credit-related personal information can be collected about you. This includes whether you have made or missed a consumer credit payment. This is called ‘repayment history information’ or RHI. This has been happening from December 2012 and information will be available to credit providers from March 2014.

From March 2014, not only your negative but also your positive credit rating will be a factor in deciding whether you will be eligible to be provided with credit. This means that if you have failed to make full repayments on time since December 2012, it may affect your ability to obtain credit in the future.

Do you think it will affect you? Have you been making payments on time?