The number of Australians blacklisted by credit reporting agencies will increase dramatically due to changes to the Privacy Act that now allows credit providers to share data on borrowers and credit consumers.
The Privacy Amendment Act 2012 (Part IIIA), credit reporting bodies can disclose a borrower’s repayment history information (RHI), along with other credit-related personal information, to licensed credit providers. Since December 2012 everyone’s RHI started being recorded in full.
This means that anyone who has failed to make a payment on time since December 2012 could be blacklisted. Repayment history information shows your repayment behaviour including late repayments or missed payment. Something as little as one late repayment could now have far worse consequences for those who may face being denied credit.
This is going to hit consumers hardest when applying for a credit card, car or home loan and their application is declined because they have recorded defaults against their record.
If you wish to have your credit record checked we can provide you with a report for a small fee for your peace of mind. Call us on 1300 861 143 if you have any questions or to order a report.