Why You Shouldn?t Pay Bills Late From March 2014

[redwing]

I'm sure it's been mentioned here before, however if you're not aware- see below

As at the 12th March the laws for Credit Reporting changed. Now any time that you are 5 days late on a bill from a licensed credit provider you will get a black mark against your name. Like the ATO, they've made retrospective changes (looking back at your history to December 2012).

Don't lose a bill and be aware of payments required over a holiday period

Read more: http://www.smh.com.au/comment/big-b...rting-rules-20140210-32d1i.html#ixzz2w5CcjGee

Why You Shouldn?t Pay Bills Late From March 2014

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. Or in other words, whether you?ve paid your bills 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. While this sounds fair, the consumer behaviour truths make this worrying.

Starting off, only a small proportion of consumers are aware of credit ratings and the changes March 2014 entails ? so no one actually knows that paying bills on time is going to be more important.

Secondly, looking at January 2014 data in Pocketbook, 12% of all bills were paid late ? so a significant proportion of people currently pay bills late by habit already.

And finally, Veda last month reported that loan applications are at the highest level it has been in four years ? so more people are relying on their credit reports to get the finance they want.

Check out http://creditsmart.org.au/

 

[CHAOS]

'5 days late from a licensed credit provider'

Apart from loans and credit cards what bills fall under this category? Is there a link to a list of the organisations that can black mark you?

 

[geoffw]

It has been discussed

 

[redwing]

It has been discussed

Thanks Geoff , missed it