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There has previously been a minimum amount before you can report a default. I don't recall what it used to be, but I'm reasonably certain that it was less than $150.

This has always been the case. Telco and utility bills are the most common sort of default we seen on credit reports. There's been no change in this regard.

I looked around and you do appear to be correct. Veda source I'm now wondering why everything I've heard, including credit analysts at the banks and other professional sources, have explicitly stated that utilities are included. Kudos for the good information.

At this point I haven't heard of any utilities providers supplying data yet, but that doesn't mean that they're not. It's not something they'd tell the public about. Additionally when they do supply data, they'll be able to hand over the last 2 years. If you're running late on bills today, it...

They've since made some updates. You're not going to get a black mark after 5 days, it's been extended (might be 30 days but I'm not sure). Keep in mind that reporting is not mandatory. At this point I'm not aware of anyone who's actually reporting late data, although I expect this will...

Fair enough, but this really isn't that different from what currently occurs. Any application for credit already hits your credit file so if a lender gets a credit report they'll see everything you've been doing. The main difference is that the records will be more accurate. In about 20% of...

The banks loan application already asks you what your assets and liabilities are. Are you seriously suggesting that it's okay not to disclose properties and debts held by other lenders? This would be considered mortgage fraud. Ignoring the legal consequences of mortgage fraud, if your bank...

Don't worry Brady, give me a call if you need help getting finance. :D

The ATO is usually the worst. They date an invoice, wait 2 weeks to post it and it's due on the day it arrives. Consistently.

Not likely. The banks aren't allowed to over charge on late fees. I know they regularly do it, but the ANZ has recently been caught out over this and is now in the process of refunding millions. The most valuable customer to a bank is the customer that pays their minimum payment on time...

On the other hand, if you do pay all your bills and debts on time, this will also be noted on your credit report. This will make you a more valuable client to the banks, thus giving you more negotiating power on your loans and other products and services.