Australian credit reporting practices are changing to be inline with the rest of the OECD.
Traditionally, Australia have used “negative” reporting.
From March 12, this will change to “positive reporting” – meaning the assessment will be made with the focus on whether or not you’ve serviced your credit on time.
In its totality, this is a fairer system because more data is considered so it’ll be a truer representation of how “good” you are.
However, there is a downside. The implication of the new laws is that every time you’re late paying a bill, a black mark will essentially be registered against your name.
Whilst the new reporting comes into effect from March 12 2014 companies can backdate data to Dec 2012: http://www.oaic.gov.au/privacy/priva...ry-information
For more info read the following links: