PHOTO: How is your Credit Score calculated?

I recently had an investor with 7 properties get their loan declined because of a few missed credit card payments… From 18 months ago!

Today I’m going to show you what has changed, and how to find out if you are affected.

Let’s jump right in.

How credit reporting has changed

Positive Credit Reporting is a brand-new credit reporting system that gives Australian lenders 24-months of repayment history, and detailed account information when you apply for a loan.

From 1 July 2018 Positive Credit Reporting is mandatory for all of Australia’s big banks, and right now the major banks have 50% of their customers’ data on the system.

This broadly translates to having credit card data live, but by 1 July 2019, the banks are required to have all of their customer’s credit card, personal loan, overdraft and home loan transaction history on the reporting system.