Your credit report helps determine your suitability for credit (loan) products, like home loans, personal loans or credit cards.
You can access your own credit report using the credit reporting bodies outlined on the CreditSmart website.
Police and Nurses Limited will be participating in Comprehensive Credit Reporting (CCR) from July 2020.
Comprehensive Credit Reporting is also known as ‘positive credit reporting’. It impacts the way we report your credit information to credit reporting bodies (CRBs) - relevantly, to include sharing of information that we previously did not share (such as consumer credit liability information and repayment history information). Previously, your credit report included only past loan applications and significantly overdue accounts or defaults.
Under Comprehensive Credit Reporting, financial institutions will now share additional information which will form part of your credit report, providing a more balanced view of your credit history. This information includes the type of accounts you hold and when they were opened, your credit limit(s), and up to 24 months of your repayment history - including payments made on time.
If you make your repayments on time, your credit score will reﬂect your good payment behaviour. This means stronger loan applications for you in the future. If you’ve had difficulty in the past with making repayments on time, but are now back on track, this will be considered in your loan application.
Your data will always be protected, and your repayment history can only be provided by and shared with financial institutions. This does not include telco or utility companies.
If you currently have an arrangement with us as part of our COVID-19 lending relief, this arrangement will not be reported to a credit reporting body, and your credit report and credit score will NOT be impacted.
Our Statement of Notifiable Matters outlines what you’ll need to know about Comprehensive Credit Reporting, including how it will impact you.
Our Statement of Notifiable Matters has key information on:
Your credit report includes information that is needed to identify you: name; birth date; and recent addresses; current or last known employer’s name; driver’s licence number (if you have one).
Your credit report also includes information about your credit history – that is, how you’ve dealt with other debts. This is very important information as it tells the new credit provider how you’ve treated those debts, which gives an indication about how you’re likely to treat the new debt.
Your credit report will probably be requested from a credit reporting body by a credit provider when you:
Lenders like banks, credit unions and finance companies, and phone or utility providers will almost always use your credit report when you take out a loan or first sign up with them.
Credit providers are looking for the following key indicators on your credit report to show that you are a good prospective customer:
In Australia everyone has the right to one free credit report per year from each of the three main credit reporting bodies. These reports include the information that credit providers see when you apply for a loan or credit, so it’s important to check each report for any errors.
It's worthwhile getting a copy of your credit report before you apply to borrow money or buy something on credit if you're eligible to. Checking your own credit report has no impact on your credit report or credit score when viewed by a credit provider.
You can access your credit report from the organisations listed below.
If you want to access your credit report more than once per year you can also choose to pay for an additional one from some of these organisations.
A detailed explanation of all of the different information in your credit report can be found at the CreditSmart website.
You can learn more about Comprehensive Credit Reporting and your credit report by visiting the CreditSmart website.
This change has been mandated by the Australian Securities and Investment Commission and your information is, at all times, protected by the Privacy Act 1988 and the Privacy Amendment (Enhancing Privacy Protection) Act 2012. P&N will be sharing comprehensive credit information with other banks and lenders. The big four banks are currently participating, with other financial institutions progressively coming on board.
You can find the credit reporting bodies we use on our website at pnbank.com.au/ccr.
Utilities providers are not currently participating in CCR, but may in the future. “Buy now, pay later” providers such as Afterpay and Zip Pay are not participating in the scheme.
When you apply for a loan or credit, credit providers such as banks and lenders will check your credit report. Your credit report documents your credit history, including how many times you’ve applied for credit and which loans were opened, as well as your history of making repayments, any defaults, and how much debt you currently have available.
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