Blog Posts

New credit reporting changes July 2022 and what it means for Aussies


From July 2022 next year new credit reporting rules will come into effect that will change what is shown on your credit report, especially when it comes to hardship repayments

FBC is here to cover the changes and what they mean for you:

Changes to the Privacy Act recently passed through Parliament were recently approved and are set to give consumers better access to credit reports as well as improve information included in credit reports. these changes:


  • Enable each Australian to access their credit report free of charge every three months (previously every 12 months),
  • Make it compulsory for credit reporting bodies to provide a credit score in the credit report, together with an explanation of that score,
  • Help Australians who are experiencing financial hardship to protect their credit rating when they enter into a financial hardship arrangement with their credit provider.


To give some scope to the changes lets look at the basics of whats in your credit report and what it means for aussies that apply for credit

A credit report is a detailed record of your credit history, these include types of credit and how you have repaid those debts.

Your report includes up to 2 years of history, and reflects whether you have made loan repayments on time. This is what is called repayment history. If you have good repayment history it makes it easier to get credit.


When we talk about a financial hardship arrangement in the world of finance it is an agreement between a borrower and lender to re  configure a borrowers loan repayment obligations due to something unexpected that has happened which has impacted the borrowers ability to repay.


Payment deferrals caused by natural disasters are good examples of when this might happen, but other circumstances such as illness or relationship breakdown might also lead to such an outcome.

In the past, if someone asked for a financial hardship arrangement to a lender, their credit report might have shown they had missed a repayment during the arrangement – withouth making it clear it was due to circumstances and financial hardship, and done with the agreement of the lender

What this means for you

The changes coming into effect next year mean that if you need any financial hardship assistance you can actually avoid your repayment history being impacted as much as previously.

Your Next Step

We all know the importance of our credit report and how that enables you to achieve financial goals in the future, at FBC we want to kept aussies updated on the latest information in personal and business finance so we can all stop surviving and start thriving.

For more information regarding your credit report and how that effects the bigger picture of credit and finance check out our Credit Repair section or See our Do Your Want to Know How to Fix Your Credit Rating blog article,
or Contact Us at Fix Bad Credit, our team will be happy to have a chat and discuss even through a quick Zoom Session

I Need Help Managing Debt

I Need Help Fixing my Credit Score

I Need Help With Bankruptcy


“I was very happy to find a great service in Fix Bad Credit. I would definitely recommend their service to anyone who is having difficulty getting a loan.”