The Australian Credit Reporting Data Standards will experience an important change from 1 July 2022.

From the new financial year, it will be compulsory for credit reporting bodies (Equifax, Experian and Illion) to include a credit score in the credit reports they provide to consumers. And consumers will be able to request a free copy of their credit report every three months, instead of every 12 months as is currently the case.

More importantly, credit reporting bodies will have to include details about any hardship arrangements that have been entered into by consumers.

Right now, if you entered a hardship arrangement and decreased your home loan payments, your credit report would indicate that you’d done so without providing any context. However, under the new plan, the context would be supplied, allowing any credit agencies that look at your credit report in the future to understand that you’d reduced your repayments as part of an agreement (not because you’d under-paid).

Credit Repair Ausvengers is the credit repair service you need on your side if you want to see real results in repairing your credit report. We have a team of experts who are dedicated to helping you remove negative items and rebuild your credit score so that you can obtain financing when needed. Contact us today for a free credit file assessment and let us get started on repairing your credit!