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July 1 Changes to Financial Hardship Credit Reporting
1 July 2022
3 new fact sheets now available: consumers, counsellors, FAQs
Prior to 1 July 2022, financial hardship arrangements were not included in the information allowed on consumer’s credit reports. As such, a consumer’s credit report might have shown that they have missed repayments during a hardship arrangement, even if those missed or reduced payments were agreed as part of a financial hardship arrangement with their lender. Alternatively, some lenders ceased reporting a customer’s repayment history during a financial hardship arrangement. The lack of consistency across lenders led to confusion for consumers and banks alike.
From 1 July, the credit reporting system will be much clearer, with the introduction of “financial hardship information”. If a consumer agrees to a financial hardship arrangement with their bank, their credit report will show that they have made their repayments on time for the period of the arrangement. This is provided they meet the terms of the financial hardship arrangement agreed with their bank.
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