Frequently Asked Questions

Credit Reports

Questions...

• 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.

• Who can I contact at P&N if I have questions?

  If you have any questions about the Comprehensive Credit Reporting regime, and how we handle your personal information, you can contact us using the contact details below:

  P&N Bank
  PO Box 8609, Perth BC WA 6849
  Tel: 13 25 77 (Monday to Friday 8am - 6pm, Saturday 9am - 5pm, WST)
  Email: [email protected]

• Where can I find out more information about CCR?
  The CreditSmart website is a comprehensive source of information about CCR, as well as your credit report and what these changes mean for you.
• Can I opt out of Comprehensive Credit Reporting?
  It is not possible to opt out of CCR. CCR is an extension on current credit reporting practices, and your personal information is governed and protected by the Privacy Act. Your credit information is only available to limited range of businesses, and only for the purposes relating to applying for loans with another credit provider.
• How can I find out what my credit score is?
  There are a number of ways to find out your credit score, but the score that matters for your next application may depend on which reporting body your credit provider uses. We recommend you visit the CreditSmart website to find out more about how to obtain your credit score.
• I have arranged for a repayment pause on my home loan because of COVID-19. Will this affect my credit score?
  No. Any changes to your repayments or repayment pauses due to COVID-19 will not be reported to a credit reporting body. Your credit score and credit report will not be impacted.
• What can I do if I'm going to be late with a payment?

  If you believe that you won’t be able to make a repayment with us (for example - because you’re sick, have an accident or lose your job), please contact us on 13 25 77 or contact your local branch so we can assess your situation.

  For more information, please see our “Financial Hardship” tab on our frequently asked questions page.

• Will late payments show up on my credit report?

  If a late payment on your loan or credit card is received within 14 days of the due date, it may not appear on your credit report. However, late fees may still apply, and any interest free periods may be affected.

  If your payment is received more than 14 days after the due date, your credit report may record that it was late. The good news is that even if you miss one payment, your credit report will also show all payments made on time to create a more holistic view of your repayment behaviour.

• What if I've had defaults in the past?
  The new CCR will give a more holistic view of your credit history. So, even if you’ve had defaults in the past (and while it will stay on your credit report for five years), if you pay off the default and keep your repayments on other credit cards and loans up to date, lenders will be able to see that you’re now managing your credit. 
• 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.
• 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.

• 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.