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SAVINGS.COM.AU
Finance Journalist: Rachel Horan
06 September 2021

The COVID-19 pandemic revealed cracks in the comprehensive credit reporting (CCR) system, flagging changes for customers' hardship arrangements.

Changes to the comprehensive credit reporting (CCR) system are inbound for 1 July 2022 that are set to impact Australians in hardship arrangements.

Currently, any sort of hardship arrangement isn’t visible on a person's credit report.

People that have been impacted by COVID-19 lockdowns, for example, will not have any missed repayments listed on their credit reports.

However, Mike Laing, CEO of the Australian Retail Credit Association (ARCA) and consumer credit reporting website CreditSmart.org.au, said that this is a problem.

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