New credit reporting rules that come into effect from July 2022 will change what is shown on your credit report, especially when it comes to hardship repayments.
Parliament recently approved changes to the Privacy Act that improve the information that can be included in credit reports and give consumers better access to their credit reports.
- Enable each Australian to access their credit report free of charge every three months (previously every 12 months),
- Make it compulsory for credit reporting bodies to provide a credit score in the credit report, together with an explanation of that score,
- Help Australians who are experiencing financial hardship to protect their credit rating when they enter into a financial hardship arrangement with their credit provider.