The world is about to change

Well it is if your world is the credit world.  For the rest of us life will go on pretty much like normal for a little while yet.  The changes will take a little while before they start to take effect but will effect us all in the end. And like everything, with a little knowledge and right actions, you can make sure you are not caught out by the changes and even benefit from them.

From the 12th of March 2014 the rules governing what can be stored on an individual’s credit file will be changed. Australia will move from what is called a ‘negative credit reporting regime’ to a ‘positive credit reporting regime’ more in line with most other western nations.

Just to be clear, calling the change to a ‘positive’ system is a little bit of spin on the part of the finance industry that has pushed for the change.  Lenders will be able to see more about borrowers financial circumstances than they have ever seen in the past and they will use the new information to make better lending decisions in their own interests.  However, the new system will mean that borrowers will have more power to influence a lenders decision than in the past by their own actions.

Up until now lenders have had the right to lodge a default on a borrowers credit file if they fall more than 3 months behind in their repayments.   Defaults stay on file for 5 years or more, and as anyone who has had default will tell you, this is like a black mark that all but blocks any access to money from the mainstream lenders.  Under the new rules, lenders will still be able to lodge defaults but some lenders will also lodge other information including when payments are made on time.  On time payments are like gold stars that allow a borrower to build up brownie points.  I will give suggestions on exactly how to go about building up as many brownie points as possible.  In some circumstances it will be possible for a borrower to overcome a bad credit history by a stretch of on time payments that demonstrate that the financial difficulties were just a thing of the past.

 

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