• Melbourne Mortgage Advice

What Is Happening To My Credit File?

Updated: Jun 30

Comprehensive Credit Reporting (CCR) for Home Loans, Personal Loans, Credit Cards and Overdrafts is going live from mid-September 2019 for the remaining major lenders.

WHAT DOES THIS MEAN?

This means there will now be much more detailed information displayed on your credit report.  Your credit report will include information such as:

  1. The financial institution where the account is held – e.g. CBA, NAB etc.

  2. The type of account that is held – Personal Loan, Home Loan, Overdraft or Credit Card

  3. Account dates – open and closed (where applicable)

  4. Current account liability (for loans, the balance plus redraw amount) or credit limit

  5. The account repayment history, including:

  6. When payments are made on time

  7. When payments are more than 14 days late

WHAT IF MY REPORT IS WRONG?

If you believe the information on your credit report is incorrect we recommend that you obtain a copy of your credit report to investigate further.  If the incorrect information is confirmed then you will need to commence an investigation with the credit reporting body or the relevant financial institution

WHERE CAN I GET MY REPORT?

You can obtain one free credit report from each of the individual credit reporting bodies per year (additional reports are provided at a cost). To get a copy of your credit report, you will need to contact the credit reporting bodies directly:

www.checkyourcredit.com.au

www.creditsavvy.com.au

www.mycreditfile.com.au

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Credit Representative Number 481157 and Credit Representative Number 506060 are authorised under Australian Credit License Number 486112.  MFAA Member Number 55326.  AFCA Member Number 50267.

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