Credit Reporting Updates – Effective Sept 2019.
When are credit reporting changes taking effect?
Credit reporting updates are coming into effect this September.
In the last few years banks and other credit providers have taken some time to implement the new comprehensive credit reporting changes.
What are recent credit reporting changes already on my credit file?
Commonly seen changes already in effect show open lines of credit cards on consumers Equifax Veda credit files. This information shows the last two years of payment history, type of card and limit.
What will be the new credit reporting changes on my Equifax credit report?
Come September the banks will have to show mortgage payment information on your Equifax Veda credit file as part of credit reporting updates coming into effect. NAB have already implemented this addition to credit reports.
It is therefore important that your payment history is up to date on mortgages and credit cards.
How does this affect my Veda credit history?
Although late payments are not listed as defaults, they do appear as being late and that can lower your credit score thus reducing chances of future finance or good interest rates.
Can I see what is on my Equifax credit file?
Not sure what is on your credit history? Apply online and obtain your credit report together with an assessment identifying any potential issues.
Further reading on comprehensive credit reporting changes can be viewed here by going to this credit smart article.