Did you know that new credit reporting provisions take effect from 12 March 2014?
For those with credit cards or loans please be aware that your provider is now able to share with other lenders your repayment history. This includes whether a payment was made on time or missed. If full payment was not made it could be flagged as well. Amounts are not reportable. Only payment information collected from Dec 2012 is reportable, and only previous repayment history for last 2 years can be reported on.
So be aware of how you meet your repayment obligations, as the information will become visible to other lenders and could affect your ability to borrow in future. If in doubt, you should be able to request what a credit provider has on your file for free.
Official fact sheet can be found at:
http://www.oaic.gov.au/privacy/privacy-resources/privacy-fac…
So with this new rule, if we cancel or close a credit card will it shows in our record so potential new lender will know and ignore it? (to determine our borrowing power)