The introduction of CCR gives a clearer picture to credit providers of your ability to repay your debts by looking at the repayment history of your credit over the previous 24 months.
Your credit score will most likely differ under CCR from that previously assessed given the additional information available of how you have conducted your credit facilities. If you’re good with credit and pay your bills on time, CCR will benefit you. If you continue to meet your credit responsibilities, you will build up a strong credit record that should make it easier for you to get credit in the future. If you manage your credit effectively, this will be positively reflected in your credit report.
On the other hand, any repayments you miss may also be noted on your credit record. A missed payment here and there may not have an impact you; however a pattern of missed payments may create concern for you when applying for credit in the future. Poor financial decisions now, may impact your ability to obtain credit in the future.
If your financial problems are mounting and you can’t see a way out, it is essential that you contact us immediately before the situation gets out of hand. We can work with you to find an appropriate solution no matter how hard your situation seems. Visit our financial hardship page for more information: https://mystate.com.au/about-us/contact-us/financial-hardship/