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Credit reporting

Banks have agreed on a consistent and fair approach to credit reporting for customers that are approaching the end of their initial COVID-19 deferral period


In April 2020, ABA member banks agreed that customers who deferred their loans as part of a COVID-19 assistance offering would not have missed repayments reflected on their credit report. This was an industry first, ensuring customers were not unduly impacted because of the crisis.

As the initial loan deferral period comes to an end, and the next phase of support for those still experiencing financial difficulty begins,  Australia’s banks have agreed a new set of credit reporting principles that may help reduce stress and give customers much-needed breathing space. 


Credit Reporting

Will banks be reporting that I’ve had a loan deferral to the credit bureau?

No. Your credit report will not include a note that you have had a loan deferral.

What will happen if I need to extend my deferral?

Banks have agreed to not record missed payments on your credit report during the extension.  This means your repayment history information will be reported as up to date or blank, depending on your payment status when you applied for the deferral.  

What will my credit history be when I exit my deferral?

If you were up to date with repayments prior to your application for a deferral, you will exit with up-to-date repayment history information. This applies whether you recommence repayments or your loan is restructured.

What if I was in arrears prior to applying for a deferral?

Customers that were in arrears prior to applying for a deferral should contact their bank to discuss next steps.

This is important as otherwise there could be adverse repayment history information listed on your credit report that will impact your credit score. For example, banks have agreed to record customers as up to date if they catch up on their arrears before exiting the deferral, or if their loan is restructured.

What about if I need to enter a hardship arrangement with my bank?

For customers that enter into another form of hardship or forbearance arrangement with their bank, banks will not report the repayment history information. Instead, they will leave the field blank for the duration of the arrangement.


Principles for consumer credit reporting during COVID-19

ABA member banks agree to adhere to the following principles for loans reaching the end of their initial COVID-19 deferral period. 

  1. Customers that were up to date with loan repayments prior to their application for deferral will exit with:
    • up-to-date repayment history information if they recommence repayments, their loan is restructured, or they are granted an extension to their deferral period; or
    • a credit report that begins to have no repayment information entered if they agree to another form of hardship arrangement.

2. Customers that were in arrears prior to their application for deferral will exit with:

    • will exit with up-to-date repayment history information if they catch up their arrears prior to exiting or their loan is restructured;
    • will exit with improved repayment history information where partial payments have been made prior to exiting;
    • will exit with a credit report that continues to have no repayment information entered if they are granted an extension to their deferral period or enter another form of forbearance arrangement;

Customers that were in arrears prior to the commencement of their deferral period and are due to resume full repayments should contact their bank to discuss next steps.

These principles apply until end of March 2021

Find your bank

If you were in arrears prior to your deferral, talk to your bank
AMP

Phone: 1300 130 191
Hardship Assistance: Website

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ANZ

Phone: 1800 351 548
Financial Hardship: Website

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Arab Bank Australia

Phone: 1800 64 64 84
Hardship Assistance: Website

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Bank Australia

Phone: 132 888
Hardship Assistance: Website

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Bank of Melbourne
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Bank of Sydney

Phone: 13 95 00
Hardship Assistance: Website

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BOQ Group

Phone: 1800 079 866
Hardship Assistance: Website

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Bank SA

Phone: 1800 679 461
Hardship Assistance: Website

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Bankwest

Phone: 1300 769 173
Hardship Assistance: Website

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Bendigo and Adelaide Bank

Phone: 1300 652 146
Hardship Assistance: Website

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Citi Bank

Phone: 1300 652 146
Hardship Assistance: Website

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Commonwealth Bank

Phone: 1300 720 814
Hardship Assistance: Website

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HSBC Bank

Phone: 1300 555 988
Hardship Assistance: Website

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ING Bank

Phone: 1300 349 166
Hardship Assistance: Website

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Macquarie Bank

Phone: 1300 363 330
Hardship Assistance: Website

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Me Bank

Phone: 1300 500 520
Hardship Assistance: Website

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MyStateBank

Phone: 13 800 1
Hardship Assistance: Website

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NAB

Phone: 1800 701 599
Hardship Assistance: Website

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Rabobank

Phone: 1800 025 484
Hardship Assistance: Website

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Rural Bank

Phone: 1300 660 115
Hardship Assistance: Website

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St. George Bank

Phone: 1800 629 795
Hardship Assistance: Website

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Suncorp

Phone: 1800 225 223
Hardship Assistance: Website

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U Bank
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Westpac

Personal: 132 032
Small Business: 132 142

Hardship Assistance: Website

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