PERTH & MANDURAH 08 9367 4222

08 9367 4222

We are about to enter what will come to be known as the BIGGEST change in privacy reforms in history.

The Privacy Regulation 2013 (made under the Privacy Act) commenced on 12 March 2014 and was registered on 17 December 2013 – so the information I am about to share with you already started late last year.

The amended Act includes changes to how financial institutions can collect, use and disclose your information to credit-reporting bodies.

What does this mean?

It means that your financial institution is allowed to share your credit liability information and your repayment history by providing details of whether your payments have been made on time OR NOT.

If you fail to make loan or credit card payments on time, it may affect your ability to obtain credit in the future.

Who does this affect?

EVERYONE. Even the wealthy.

You now have a credit rating! You didn’t just before Christmas.

Before December 2013 no one had a good credit rating – even if you were good. It just didn’t exist.

You will have an existing credit report if you have applied for any form of credit.
This can include:

  1. Phone contracts
  2. Credit cards
  3. Residential or personal loans
  4. Hire purchase/car loans

What does this mean for you?

If you’ve been good (and I mean really good) – then not much.

If you’ve been bad, then we have some work to do.

What is bad?

If you have ever:

What does this mean when you are applying for a loan? If one bank rejects you, then the next one will more than likely reject you too, even if they don’t know the other lender’s reason.

‘You need a mortgage broker now more than ever… Gone are the days when you can go to a bank to negotiate your own mortgage.’


Because if you don’t know how to present your financial position in the absolute best light for the lender and then the lender declines you – it’s on your record.

When you use our mortgage broking services, we will know who the best lenders for your situation will be and there will be a greater chance of having your loan approved. Now we can’t promise this by the way – but you are going to have a greater chance with a broker than you will by trying to do this yourself.

Your credit information will be available to all financial institutions. Also, if your mortgage insurer declines your insurance, then guess what? – the next one probably will too. Without any reason except that someone else has.

What can you do about maintaining a good credit rating?

Who should you tell?

So, what’s the good news?

To apply for a free copy of your credit report, contact these national credit reporting agencies:
You don’t have to pay a fee to get a copy of your credit report, you may just have to wait a little longer to get it.

Phone: 1300 762 207

Phone: 1300 734 806

Experian: Experian Credit Services
Phone: 1300 783 684