Following legislative requirements, the four major banks are now contributing comprehensive credit reporting (CCR) data to credit reporting bodies (such as Equifax – previously VEDA), and other lenders and utilities, etc will be required to provide relevant data beginning in 2019.

Some concern has been expressed about the average consumer’s lack of knowledge about these changes, and there is an expectation that it may take up to a decade for people to obtain a good understanding of how to control their credit health and how these reforms will impact their future borrowing power. One industry body, the Australian Retail Credit Association (ARCA), has published information including on how to: access or correct a credit report; maintain a healthy credit report; and improve a credit score.

If a client or acquaintance is struggling with debt, they can contact the National Debt Helpline on 1800 007 007 or see www.ndh.org.au.