The Privacy Act 1988 (Cth) and the National Consumer Credit Protection Act 2009 (Cth) were amended in 2021 to mandate the provision of repayment history information by lenders to credit reporting agencies. This reform was to ensure that credit scores are more accurate by including all information about a person’s credit history.

A person's credit score is a number summarising the information held on that person's credit report. The information includes recorded defaults, court judgment, credit inquiries, and repayment history information.

Repayment history information is available on a credit report for a rolling 24-month period. It records both on-time payments and missed payments.

From 1 July 2021, information about hardship arrangements to any loans is also recorded as part of the repayment history information. The information flags that there is a special arrangement reached with the lender. If the borrower maintains the arrangement, there is no effect on the repayment history.

Information about a borrower's hardship variation is only accessible by a prospective lender when the borrower applies for fresh credit or a refinance. Providers making a credit enquiry when trying to collect overdue payments are not given access to this information.

For more detailed information, please visit the CreditSmart website