Skip to main content
Financial Assistance Hub

Australian banks launch new credit report fact sheets

Australian banks launch new credit report fact sheets

25 July 2022

The ABA and member banks have today launched new credit report fact sheets that outline in clear language the support that is available for customers who run into financial difficulty.

A consumer-focused fact sheet includes information on help that banks can provide, how financial hardship information can disappear from credit reports after a set period and contains handy links to further assistance.

This includes the ABA’s Financial Assistance Hub and the CreditSmart website, a useful resource to learn more about credit reports.

There is also a separate factsheet and further FAQs designed to help financial counsellors understand how financial hardship arrangements are now reflected on credit reports from 1 July 2022 onwards.

“As the new financial year gathers pace, Australian banks are continually improving ways in which they communicate to customers the options that they have when customers run into financial difficulty and how this may or may not affect their credit score,” ABA CEO Anna Bligh said today.

“these factsheets are just one tool in Australian banks’ toolkit of offerings to help customers to get back on track”

ABA CEO Anna Bligh

“If a customer experiences financial difficulty and believes they will not be able to make their loan or credit card repayments on time, it is important that they get in touch with their bank as soon as possible.

“Banks have very experienced people available to provide bespoke and tailored packages to customers as the best course of action will depend on individual situations and needs.

“Depending on their circumstances, a customer and their bank may agree to a financial hardship arrangement. For example, it may be that a customer either stops making repayments for a few months to get a bit of breathing space or instead continues to make smaller repayments to reduce the total balance they owe.

“We all may experience financial hardship at some time and these factsheets are just one tool in Australian banks’ toolkit of offerings to help customers to get back on track when they need it, with respect to their finances.”

Short Guide: Customers and Short Guide: Counsellors as well as the Credit Reporting FAQs are now available for download.

Find out more about financial difficulty and credit reporting


Latest news

1 / 3
Media Releases
Australian banks support card surcharging ban, urge alternative on interchange fees
9 September 2025

Australian banks strongly support the RBA’s proposed ban on debit and credit card surcharges, while overwhelmingly calling for an alternative pathway forward on interchange fees.  The ABA has made the following calls in a submission to the RBA’s current consultation on the Review of Merchant Card Payment Costs and Surcharging:  ABA CEO Simon Birmingham said… Read more »

Read more
Media Releases
New payments system rules welcomed by banks
4 September 2025

Australia’s banks welcome the passing through the Senate of new legislation to ensure payments laws are up-to-date and reflect today’s digital economy. The new laws will bring digital wallets, cash distribution services, buy now, pay later schemes and other emerging payment methods within regulatory oversight, significantly enhancing protections for customers. ABA CEO Simon Birmingham said… Read more »

Read more
Media Releases
Banks welcome passage of Payments System Modernisation Bill through the House
3 September 2025

The ABA welcomes the passage through the House of critical legislation to ensure Australia’s payments regulatory framework is brought up-to-date and urges the Senate to quickly pass this overdue legislation too. The proposed legislation will bring digital wallets, cash distribution services, buy now, pay later schemes and other emerging payment methods within regulatory oversight, significantly… Read more »

Read more