Find out more about financial difficulty and credit reporting
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.
Latest news
Transcript
ABA CEO Simon Birmingham transcript of interview on ABC Illawarra with Melinda James on money mules
Read more
22 July 2026
E&OERadio InterviewABC Illawarra22 July 2026. Topics: Buying and selling of bank accounts; Efforts to combat money laundering; Scam prevention efforts by banks Melinda James: Well, this is a big and growing problem. There were 13,000 bank accounts shut down by the four major Australian banks in the financial year 2023–24. So, how big a problem… Read more »
Speech
ABA opening statement to the Senate Economics Legislation Committee: Cash Distribution Framework Bill 2026
Read more
21 July 2026
Thank you for the opportunity to appear alongside our friends and colleagues at COBA today. The Cash Distribution Framework Bills are a critical step to provide security to the long-term availability of cash in Australia. Our written submission sets out our position in detail. Today I will focus on a few key points. The banking industry is committed to ensuring that Australians who… Read more »
Transcript
ABA CEO Simon Birmingham transcript of interview on 2SM with Tim Webster on the buying and selling of bank accounts
Read more
21 July 2026
E&OERadio Interview2SM Sydney21 July 2026. Topics: Buying and selling of bank accounts; Efforts to combat money laundering Tim Webster: Look, we spoke to Peter Price from Crime Stoppers, the boss at Crime Stoppers, about this banking mules. I mean, this ridiculous situation where the young ones are coerced into being, you know, money mules and… Read more »