Comprehensive credit reporting
News from International Business Times:

Australia’s credit reporting system is facing a major overhaul and in some minds, the changes are long overdue. Unlike developed economies such as the US and the UK, the current regime in Australia only reports ‘negative’ data – such as the fact that a loan application was submitted (but not whether it was accepted or rejected), defaults of greater than 90 days and bankruptcy. The source of the debt and the size of the default make no difference on the credit report – missing mortgage payments is as detrimental as failing a store credit card. Negative records stay on a borrowers’ credit report for up to seven years – even if the bill has been paid in full.

On the other side of the coin, someone who has applied for credit and never used it has just as good credit as someone who has dutifully paid their mortgage…………… continues on International Business Times

… Read the full article

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