When does it start?
Changes to the Privacy Act 1988 to allow comprehensive credit reporting came into effect in March 2014. However, implementing the changes was not mandatory, and many lenders chose to delay making the changes to their systems and policies. In 2018 the Federal Government decided that participation would be made mandatory for the major banks, so that by:
- 30 September 2018: major banks required to share comprehensive credit information for 50% of their consumer credit accounts with credit reporting bodies, and
- 30 September 2019: major banks required to share comprehensive credit information for 100% of their consumer credit accounts with credit reporting bodies.
Newcastle Permanent will be participating in the comprehensive credit reporting system in line with this timeframe, which means we will also be able to receive expanded credit reporting information from credit reporting bodies.