The changes to credit reporting effective March 2014 are sometimes referred to as bringing in “comprehensive credit reporting”. Comprehensive credit reporting means that credit providers, such as banks, can obtain more information about an individual’s credit worthiness, and will therefore be able to make more accurate assessments about which applicants are likely to meet their repayments or more likely to default. Not all credit providers will move to comprehensive reporting immediately. It may take time to develop the necessary systems and processes to support the move to exchanging comprehensive information.
Your credit report changes from time to time. To obtain the most up-to-date version, you should contact the relevant credit reporting bodies. Contact details for the two credit reporting bodies used by us and operating in Australia are set out in “What information can we exchange with credit reporting bodies” in our Credit Reporting Policy.
We may be able to provide you with a copy of the credit reporting information that was obtained at the time of your most recent application. This may be of limited use to you as it may not reflect changes in your credit report since the time you applied for a loan with us.
Credit providers use various credit reporting bodies so you may need to request your credit report from each of the two bodies to understand your overall credit history.
Contact the applicable credit reporting body or the credit provider who listed the information, and they will investigate the matter for you. They will let you know what the outcome of the investigation is, and if needed, correct the information on your credit report.
There are three reporting tiers: negative, partial and comprehensive. Negative means reporting only identification details, application details and serious defaults. Partial means also reporting things like type of loan approved and current credit limit. Comprehensive means reporting negative and partial, and also reporting whether payments have been made on time. Credit providers may choose at which level to participate and may change their choice from time to time. We currently participate at the negative level. We are likely to move to participating at a comprehensive level in future. The timing for moving to comprehensive reporting has not yet been finalised and will depend on a variety of factors including implementation of required changes to our systems and processes.
For information on our approach to privacy & credit reporting see our Credit Reporting Policy .
For information about changes to credit reporting generally visit:
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