About credit reports
Your credit report helps determine your suitability for credit (loan) products, like home loans, personal loans or credit cards.
You can access your own credit report using the credit reporting bodies outlined on the CreditSmart website.
Police and Nurses Limited (BCU), has been participating in Comprehensive Credit Reporting (CCR) since 2021.
Comprehensive Credit Reporting is also known as ‘positive credit reporting’. It impacts the way we report your credit information to credit reporting bodies (CRBs) - relevantly, to include sharing of information that we previously did not share (such as consumer credit liability information and repayment history information). Previously, your credit report included only past loan applications and significantly overdue accounts or defaults.
What is Comprehensive Credit Reporting (CCR)?
Under Comprehensive Credit Reporting, financial institutions are sharing additional information which forms part of your credit report, providing a more in-depth view of your credit history. This information includes the type of accounts you hold, when they were opened, your credit limit(s), and up to 24 months of your repayment history – including payments made on time.
If you make your repayments on time, your credit score will reflect your good payment behaviour. This means financiers may look at this information more favourably if you have requested credit. If you’ve had difficulty in the past with making repayments on time, but are now back on track, this will be considered in your loan application and may impact your ability to obtain credit.
From 1 July 2022, new financial hardship arrangements entered into are required to be reported. This information will be listed under financial hardship information in your Credit Report. The credit reporting system will now be much clearer and will accurately reflect your credit history.
Your data will always be protected, and your credit information can only be provided by and shared with financial institutions. This does not include telco or utility companies.
Your credit and Financial Hardship Arrangement
Financial hardship arrangements help to prevent missed payments from being recorded on your credit report, that can affect your credit score negatively during a financial hardship event. This is to protect you while we work together to get you back on your feet.
Financial hardship must be applied for and is subject to assessment and approval, to establish a financial hardship arrangement.
Your privacy and updates to our Privacy Policy
Your privacy and the privacy of your information is important to us. Your data will be protected at all times by the Privacy Act, and documented in our Privacy Policy to ensure your continued protection. You can review our Privacy Policy at any time on our website to find out how we collect, share and manage your data, or request a copy by calling us on 1300 228 228.
Take a look at our Statement of Notifiable Matters on our website
Our Statement of Notifiable Matters outlines what you’ll need to know about Comprehensive Credit Reporting, including how it will impact you.
Our Statement of Notifiable Matters has key information on:
- the credit-related information we’ll exchange with CRBs to assess your credit worthiness;
- disclosure to a CRB, of a failure to meet your payment obligations or a serious credit infringement;
- your right to access or correct credit-related information held by us, and how to complain about any mishandling of your credit-related information;
- when you’re entitled to ask a CRB not to use your credit reporting information, and
- how you can obtain our Privacy Policy, which includes information on how we manage your credit-related information.
What's in a credit report?
Your credit report includes information that is needed to identify you: name; birth date; and recent addresses; current or last known employer’s name; driver’s licence number (if you have one).
Your credit report also includes information about your credit history – that is, how you’ve dealt with other debts. This is very important information as it tells the new credit provider how you’ve treated those debts, which gives an indication about how you’re likely to treat the new debt.
Which lenders access my credit report?
Your credit report will probably be requested from a credit reporting body by a credit provider when you:
- Apply for a loan from a bank, credit union or finance company lender (e.g. a home loan, credit card, personal loan or an overdraft facility)
- Apply for a store card (e.g. when you buy a TV on interest free finance)
- Apply for a car loan
- Buy a mobile phone on a mobile plan
- Sign up for a home utility account
Lenders like banks, credit unions and finance companies, and phone or utility providers will almost always use your credit report when you take out a loan or first sign up with them.
How to look good to lenders
Credit providers are looking for the following key indicators on your credit report to show that you are a good prospective customer:
- Stability – for example, credit providers want to make sure that you haven’t moved house too many times over a short period.
- Not too much credit – this includes credit that you’ve taken out, but also credit that you’ve simply applied for but may not have taken up
- Good payment history – credit providers want to see that you’ve made your payments on time. Don’t worry if you’ve missed the occasional payment by a few days. One of the good things about the credit reporting system is that each payment you do make on time will make you look better to credit providers. If you think you’ve missed (or will miss) more than an occasional payment, it's best to speak to your lender about it.
- No nasty stuff – this includes defaults, bankruptcy information and court judgments. These types of things will make it harder for you to get credit (at least until they fall off your credit report in 5 – 7 years).
How to access your credit report
In Australia everyone has the right to one free credit report per year from each of the three main credit reporting bodies. These reports include the information that credit providers see when you apply for a loan or credit, so it’s important to check each report for any errors.
It's worthwhile getting a copy of your credit report before you apply to borrow money or buy something on credit if you're eligible to. Checking your own credit report has no impact on your credit report or credit score when viewed by a credit provider.
You can access your credit report from the organisations listed below.
- Check Your Credit (Illion) - checkyourcredit.com.au/Personal
- Experian Australia Credit Services - https://www.experian.com.au/consumer-reports
- Equifax - https://www.equifax.com.au/personal/products/credit-and-identity-products
If you want to access your credit report more than once per year you can also choose to pay for an additional one from some of these organisations.
Explaining the information in a credit report
A detailed explanation of the different information in your credit report can be found at the CreditSmart website.
You can make sure you’re ready for CCR by:
- Making your repayments on time - the introduction of CCR means your on time payments will be positively reflected in your credit score
- Setting up a direct debit (auto-repayment) to ensure you never miss a payment
- Talking to us as soon as possible if your circumstances change and you’re having trouble with your repayments
Find out more
You can learn more about Comprehensive Credit Reporting and your credit report by visiting the CreditSmart website.
Frequently asked questions
When you apply for a loan or credit, credit providers such as banks and lenders will check your credit report. Your credit report documents your credit history, including how many times you’ve applied for credit and which loans were opened, as well as your history of making repayments, any defaults, how much debt you currently have, and if you are in a financial hardship arrangement.
There are a number of ways to find out your credit score, but the score that matters for your next application may depend on which reporting body your credit provider uses. We recommend you visit the CreditSmart website to find out more about how to obtain your credit score.
Your credit score is a summary of your credit report. It’s a number that indicates how healthy your credit report is – generally, the higher the number, the better you’re managing your credit. Your credit score can change as well, and under CCR, things like on-time repayments will positively affect your score.
It is not possible to opt out of CCR. CCR is an extension on current credit reporting practices, and your personal information is governed and protected by the Privacy Act. Your credit information is only available to a limited range of businesses, and only for the purposes relating to applying for loans with another credit provider.
If a late payment on your loan or credit card is received within 14 days of the due date, it may not appear on your credit report.
If your payment is received more than 14 days after the due date, your credit report may record that it was late. The good news is that even if you miss one payment, your credit report will also show all payments made on time to create a more holistic view of your repayment behaviour.
The new CCR will give a more holistic view of your credit history. So, even if you’ve had defaults in the past (and while it will stay on your credit report for five years), if you pay off the default and keep your repayments on other credit cards and loans up to date, lenders will be able to see that you’re now managing your credit.
If you have any questions about the Comprehensive Credit Reporting regime, and how we handle your personal information, you can contact us using the contact details below:
Mail
BCU
PO Box 1563, Coffs Harbour, NSW 2450
Call us
1300 228 228 - Monday to Friday, 8:00am to 6:00pm.
Email
The CreditSmart website is a comprehensive source of information about CCR, as well as your credit report and what these changes mean for you.
If you believe that you won’t be able to make a repayment with us (for example - because you’re sick, have an accident or lose your job), please contact us on 1300 228 228 or contact your local branch so we can assess your situation.
This change has been mandated by the Australian Securities and Investment Commission and your information is, at all times, protected by the Privacy Act 1988 and the Privacy Amendment (Enhancing Privacy Protection) Act 2012. BCU will be sharing comprehensive credit information with other banks and lenders. The big four banks are currently participating, with other financial institutions progressively coming on board.
You can find the credit reporting bodies we use on our website at www.BCU.com.au/ccr.
Utilities providers are not currently participating in CCR but may in the future. “Buy now, pay later” providers such as Afterpay and Zip Pay are not participating in the scheme.
Previously, your credit report only showed ‘bad’ credit behaviour, such as defaults or personal insolvency (like bankruptcy or debt agreements). Now, it will also report on your current credit types and limits, as well as your good behaviour for the past 24 months, to give a better view of what type of candidate you are for future loan applications.