New credit rules - 5 days late - black mark on credit filecredit file

[jakaim]

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 think I read they had changed the amount so there is now a minimum amount the debt needs to be ($150) before a default can be recorded.

Beanie Girl - My comment about utilities not being included was in regards to late payment (5+ days) info being recorded in your collected repayment history info, rather than an actual default recorded on your file.

 

[Peter_Tersteeg]

I think I read they had changed the amount so there is now a minimum amount the debt needs to be ($150) before a default can be recorded.

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.

 

[MTR]

Have these new changes effected you? your credit rating, anything adverse?

Me, zip, nothing has changed from what I see, and yes I do sometimes pay my bills late over 5 days.

Perhaps more hype than anything, or its going to take a long time before the system is up and running/fine tuned, lots of information to be processed, if this happens.

MTR

 

[Jaggannath]

It's predicted that it won't be long before Utility bills will be included. Then Telco bills.

This is my concern. A number of times I've never seen a bill until I get the reminder notice.

I find it harsh that if I pay 98% of my bills on time, I will have a black mark for the very few which are late.

True, no indication of scale.

I shouldn't have to suffer the consequences of Australia Post delay or creditor processing delays.

Yup, a couple of times I had the original notice and reminder arrive simultaneously. I've also had the company stuff up a direct debit and try to blame me, then have to back down and apologise.

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.

Yup. They also referred me to a debt collector for a bill of $0. I was fuming!

If YOU keep your side of the agreement you will never have negative credit reporting issues. Problem solved....next....

Like when I called AGL to finalise my accounts, paid the two I was told were due and thought I had closed the account (as I'd moved interstate). Their own system stuffed up and they didn't charge me the full amount, they missed $12, they never sent reminders because the account was nominally closed and therefore no mailing address, then referred me to a debt collector. It took 3 hours on the phone to sort this out and get an apology.

Have these new changes effected you? your credit rating, anything adverse?

Me, zip, nothing has changed from what I see, and yes I do sometimes pay my bills late over 5 days.

Perhaps more hype than anything, or its going to take a long time before the system is up and running/fine tuned, lots of information to be processed, if this happens.

MTR

Yeah, I wonder. I'm not a fan if they include utilities, but otherwise can't see it affecting me.

 

[Kinnon Bell]

Very interesting:

The bank is working with Veda to help customers check their VedaScore and apply for a corresponding credit card or personal loan offer.

People who fall into the top VedaScore band will be able to take out a personal loan at 3.9 per cent per annum for 36 months.

That compares to the standard public offer of 5.9 per cent for 24 months.

AFAIK Citi is the first to do this. It will just be a matter of time till the others follow. Makes sense that it's on credit cards and personal loans first of all to iron out the bugs and gauge the market. Interesting times ahead.

 

[MTR]

This was something I thought may happen, anyone who has a squeaky clean credit rating may end up with some attractive options.

Its still going to take a long time before this data is collected etc and not all banks are on board. I make sure that I have alerts regarding my credit rating to ensure I know exactly what is going on, do not want any nasty surprises.

MTR

 

[luckyone]

Do you know what the top band is for credit ratings?

Very interesting:

The bank is working with Veda to help customers check their VedaScore and apply for a corresponding credit card or personal loan offer.

People who fall into the top VedaScore band will be able to take out a personal loan at 3.9 per cent per annum for 36 months.

That compares to the standard public offer of 5.9 per cent for 24 months.

AFAIK Citi is the first to do this. It will just be a matter of time till the others follow. Makes sense that it's on credit cards and personal loans first of all to iron out the bugs and gauge the market. Interesting times ahead.

 

[kathryn d]

I have automatic payments paid each month, from my bank account.

For the bills that fluctuate...I pay a bit more and run a credit.

This way I don't need to worry about a statement going astray.

 

[Kinnon Bell]

Do you know what the top band is for credit ratings?

Veda is 0 - 1200 with the top band being 833 - 1200. Pretty much unheard of to score close to, or over, 1000.