Credit Reporting – why it’s important to stay on top of your money

By law, financial institutions, like ANZ, must share certain credit information with Australian credit reporting bodies. Financial Institutions also request credit information from credit reporting bodies when reviewing customer lending applications.

Credit reporting bodies are independent organisations that securely gather and distribute credit and personal information about consumers to and from financial institutions like ANZ.

The credit information we share with credit reporting bodies relates to any personal lending products you have with ANZ, including credit cards, personal loans, home loans and overdrafts.

New laws, part of Comprehensive Credit Reporting (CCR), will soon require financial institutions, like ANZ, to start reporting additional information about your credit card and loan accounts and how you make your repayments. This comprehensive information will help ANZ make better, fairer lending decisions on behalf of customers as more credit history information will be available.

 

What’s changing?

Currently we report information including new credit enquiries (loan and credit applications) and payment defaults to the credit reporting bodies. This is now changing.

Under the new rules, we’ll also be reporting:

What does this mean for you

Since March 2018 we’ve been recording this additional information and have commenced sharing this data with credit reporting bodies.  This will be done gradually over the next 12 months so while it may not appear immediately on your credit report, how you manage your loan and credit cards now may influence your future lending applications. 

 

Making your repayments on time is now more important than ever

It’s now more important than ever to get on top of your money and make your repayments on time.  If you do, it will appear favourably on your credit report.

A great way to help you stay on top of your repayments is to set up automated payments like direct debits. You can set this up online, or by calling 13 13 14.

 

Want more information?

To understand more about credit reporting and how you can check your credit report, refer to the Australian Retail Credit Association website, Credit Smart.

 

FAQs

What are credit reporting bodies?

Credit reporting bodies are independent organisations that securely gather and distribute credit and personal information to financial institutions to assist in them making lending decisions. ANZ provides information to and uses information from three different credit reporting bodies - Equifax, illion and Experian.

How is my credit information used?

When you apply for a loan or credit card we’ll conduct a credit check on you, requesting information from one or more credit reporting bodies. The report will include personal information, to verify your identity, and credit information, to provide a much more complete picture of your lending history.

Can I check my credit report?

The credit reporting bodies will provide you one free credit report per year. Additional reports can be requested at a cost.

To obtain your credit report you’ll need to contact one or a combination of the credit reporting bodies.

What can I do if my report is not correct?

If you believe your credit report is not correct you can contact the credit reporting body where the report was obtained or contact the financial institution that has provided the incorrect information and request an investigation.

How can I improve my credit score?

There is no quick fix, improving your credit score will take time. Getting on top of your repayments and ensuring they are made on time is a good place to start. For more tips on how to improve your score visit the Credit Smart website.