Aussies’ awareness of changes impacting credit health still a work in progress

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Research from credit information website, CreditSmart.org.au, has revealed that one year on from the adoption of Comprehensive Credit Reporting (CCR), most Australian consumers are still unaware of the changes that are impacting their credit health, and may not know how it can impact their future credit applications. The research found that in the last 12 […]

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Major banks start to share mortgage data under CCR

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Consumer education website, CreditSmart, has confirmed NAB has started sharing information on mortgage payments with credit reporting bodies under the Comprehensive Credit Reporting (CCR) regime, with other major banks to follow suit. In September last year, a major CCR milestone was achieved with all Big Four banks sharing 50% of their customers’ ‘positive’ credit information […]

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Millennials score low when it comes to credit awareness

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Australian millennials have a lower understanding of credit than older generations, according to research from consumer education website, CreditSmart. A huge 44% of millennials are unsure of the difference between a credit score and a credit report, and over half are unaware of what a lender looks for in a credit report. The study revealed that […]

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Australian women in the dark about their credit history

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Australian women are missing opportunities to optimise their credit health and make themselves look good to lenders, according to research from consumer education website, CreditSmart A huge 89% of women are unaware of changes currently happening in the credit reporting system, and a third of these feel the changes will not impact them in any […]

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Brokers, accountants and advisers are the “essential link” in credit reporting: ARCA

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The Australian Retail Credit Association (ARCA) has called on financial intermediaries – mortgage and finance brokers, accountants and financial planners – to use yesterday’s inaugural CreditSmart Privacy Day (7 May) as a catalyst to discussing  recently-introduced changes to the credit reporting system with clients. On 12 March, reforms to the Privacy Act saw extensive changes […]

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ARCA responds to late payment grace period changes

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Commonwealth Attorney-General, Senator the Hon George Brandis QC, has today requested the Credit Reporting Privacy Code (CR code) be varied so that the five day grace period for late payments recorded on a consumer’s credit report is extended to 14 days. As the CR code developer, ARCA will make an application to the Office of […]

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Today marks Australia’s move to comprehensive credit reporting

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On 12 March 2014, reforms to Australia’s Privacy Act will see significant changes to the credit reporting system including the introduction of the Credit Reporting Privacy Code (CR Code) drafted by the Australian Retail Credit Association (ARCA). Credit reports previously only featured negative information about an individual’s credit history, such as defaults and enquiries, but from today some credit […]

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CreditSmart empowers consumers to take control of their credit history

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Ahead of the impending overhaul of Australia’s credit reporting system, the Australian Retail Credit Association (ARCA) yesterday launched a new straight-talking website CreditSmart.org.au. The site provides a range of tools and tips to help educate consumers about the basics of credit reports and how they can proactively manage their credit history. In March 2014, reforms to […]

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Australia ready to embrace new credit reporting regime

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ARCA welcomes official registration of new Credit Reporting Privacy Code   The Australian Retail Credit Association (ARCA) today welcomed the registration of the Credit Reporting Privacy Code (CR Code) by the Office of the Australian Information Commissioner (OAIC). The registration of the CR Code by the national credit reporting regulator is the final piece of […]

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