The new credit reporting system will be implemented on March 12 with several changes said to benefit investors. Majority of people should take advantage of the new system, as it promotes transparency and will allow lenders to offer a wide range of terms to their clients with the information made available by these changes.
The changes to the Privacy Act will allow lenders to access comprehensive information that will provide them a better view of the borrower’s financial capacity. A quick run-through of the changes include:
- Monthly repayment information.
- The decision to approve or decline your credit will now be included in the report.
- Credit Card limits.
- Any credit defaults above $150 that are overdue for more than 60 days.
Read more about this on the Smart Property Investment website.
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