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.
The way we’re reporting on your loan payments is changing
Police and Nurses Limited (P&N Bank) has been participating in Comprehensive Credit Reporting (CCR) since 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.
What is Comprehensive Credit Reporting (CCR)?
Under Comprehensive Credit Reporting, financial institutions are sharing additional information which forms part of your credit report, providing a more in-depth view of your credit history. This information includes the type of accounts you hold, 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 lenders may look at this information more favourably if you have requested credit. If you’ve had difficulty in the past making repayments on time, but are now back on track, this will be considered in your loan application and may impact your ability to obtain credit.
From 1 July 2022, new financial hardship arrangements entered into are required to be reported. This information will be listed under financial hardship information in your Credit Report. The credit reporting system will now be much clearer and will accurately reflect your credit history.
Your data will always be protected, and your credit information can only be provided by and shared with financial institutions. This does not include telco or utility companies.
Your credit and Financial Hardship Arrangement
Financial hardship arrangements help to prevent missed payments from being recorded on your credit report and negatively impacting your credit score during a financial hardship event. This is to protect you while we work together to get you back on your feet.
Financial hardship assistance must be applied for and is subject to assessment and approval.
Take a look at our Statement of Notifiable Matters on our website
Our Statement of Notifiable Matters outlines what you need to know about Comprehensive Credit Reporting, including how it impacts you.
Our Statement of Notifiable Matters has key information on:
- the credit-related information we’ll exchange with CRBs to assess your credit worthiness;
- disclosure to a CRB, of a failure to meet your payment obligations or a serious credit infringement;
- your right to access or correct credit-related information held by us, and how to complain about any mishandling of your credit-related information;
- when you’re entitled to ask a CRB not to use your credit reporting information, and
What's in a credit report?
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.
Which lenders access my credit report?
Your credit report will probably be requested from a credit reporting body by a credit provider when you:
- Apply for a loan from a bank, credit union or finance company lender (e.g. a home loan, credit card, personal loan or an overdraft facility)
- Apply for a store card (e.g. when you buy a TV on interest-free finance)
- Apply for a car loan
- Buy a mobile phone on a mobile plan
- Sign up for a home utility account
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.
How to look good to lenders
Credit providers are looking for the following key indicators on your credit report to show that you are a good prospective customer:
- Stability – for example, credit providers want to make sure that you haven’t moved house too many times over a short period.
- Not too much credit – this includes credit that you’ve taken out, but also credit that you’ve simply applied for.
- Good payment history – credit providers want to see that you’re made your payments on time. Don’t worry if you’ve missed the occasional payment by a few days. One of the good things about the credit reporting system is that each payment you do make on time will make you look better to credit providers. If you think you’ve missed (or will miss) more than an occasional payment, it's best to speak to your lender about it.
- No nasty stuff – this includes defaults, bankruptcy information and court judgments. These types of things will make it harder for you to get credit (at least until they fall off your credit report in 5-7 years).
How to access your credit report
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 following organisations:
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.
Explaining the information in a credit report
A detailed explanation of all of the different information in your credit report can be found at the CreditSmart website.
You can make sure you’re ready for CCR by:
- Making your repayments on time - the introduction of CCR means on time payments will be positively reﬂected in your credit score.
- Setting up a direct debit (auto-repayment) to ensure you never miss a payment.
- Talking to us as soon as possible if your circumstances change and you’re having trouble with your repayments.
Find out more
You can learn more about Comprehensive Credit Reporting and your credit report by visiting the CreditSmart website.
Download a copy of our Statement of Notifiable Matters
Frequently asked questions
How is Comprehensive Credit Reporting different?
Previously, your credit report only showed ‘bad’ credit behaviour, such as defaults or personal insolvency (like bankruptcy or debt agreements). Now, it will also report on your current credit types and limits, as well as your good behaviour for the past 24 months, to give a better view of what type of candidate you are for future loan applications.
Who will P&N be sharing the information with?
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.
What's a credit report?
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.
What's a credit score?
Your credit score is a summary of your credit report. It’s a number that indicates how healthy your credit report is – generally, the higher the number, the better you’re managing your credit. Your credit score can change as well, and under CCR, things like on-time repayments will positively affect your score.
Will financial hardship assistance affect my credit rating?
Providing that you contact us as soon as possible, a financial hardship arrangement helps to prevent missed payments from being recorded on your credit report, and negatively affecting your credit rating. However, if you default on that arrangement or otherwise contravene the terms of the assistance offered, we do reserve our rights to continue recovery action, which may include notifying the relevant credit reporting agency.