We are required to report information concerning the repayment status of your student loan(s) each month to the nationwide consumer reporting agencies (also called “credit bureaus”). If you allow your loan(s) to become past due, it can result in negative credit reporting. This can affect your credit score and may make it difficult for you to obtain credit cards, mortgage loans, car loans, or other types of consumer credit.
If you’re having trouble making your student loan payments, there are several repayment options available to help keep your loan(s) in good standing. You may be able to defer or suspend your monthly payments depending on your circumstances. Log in to Manage My Account to explore your options or to apply. You can also contact us directly for assistance.
Banks, credit unions and other lenders could access information concerning a potential customer’s credit applications – but not whether the application was approved or not. The credit report also included details of any overdue debts, defaults, bankruptcy, or court judgements.
Also known as Comprehensive Credit Reporting (CCR), positive credit reporting is Australia’s new credit reporting system aimed at making it easier for lenders to form comprehensive and balanced assessments of applicants’ credit histories. The credit report includes information about current accounts held, what accounts have been opened and closed, the date default notices were paid and whether repayments were met.
Along with bringing changes for both lenders and clients, Australia switching to CCR has brought our credit reporting system in line with other OECD countries, many of which have some form of positive credit reporting. It’s common practice in the USA and UK for consumers to use their positive credit rating as leverage when looking for a loan of any sort, and CCR will potentially allow for Australians to do the same.
While some may raise concerns over the increased amount of personal financial information being given to banks, the comprehensive credit reporting system is largely seen as a positive step for consumers and lenders, encouraging responsible lending practices and enabling consumers to build a more comprehensive and positive credit report that could help them get a better deal from their chosen lender.