Comprehensive credit reporting

[Isochronous]

Are banks actually now sharing credit limits and repayment history with each other?

 

[Deleted member]

Sneaky!!
Surely that's a breach of privacy?

 

[Mal]

Sneaky!!
Surely that's a breach of privacy?

Why sneaky? If they are reported to Veda, and you have consented to your bank that they can check Veda, then there is nothing sneaky.

In the UK, my credit reports show everything, and any of my banks can check (with my permission) what my financial behaviour is.

 

[coolkid101]

Are banks actually now sharing credit limits and repayment history with each other?

looks like it has - What the new comprehensive credit reporting system means for you

 

[Beta4Me]

Are banks actually now sharing credit limits and repayment history with each other?

They CAN share now, but my experience to date has been that they DON'T (yet). Most of their systems are incapable of reporting this information as they aren't designed to do so. It will take time but eventually they will and I expect the disappearance of questions regarding other credit facilities will be the biggest sign of universal adoption.

 

[burmans]

They CAN share now, but my experience to date has been that they DON'T (yet). Most of their systems are incapable of reporting this information as they aren't designed to do so. It will take time but eventually they will and I expect the disappearance of questions regarding other credit facilities will be the biggest sign of universal adoption.

This is correct. Unfortunately Im not as close to this as I once was but looks likely to be second half of the year this will occur, and note there is no requirement on banks to share so initially likely to be only some that share but once it gets started I suspect uptake will be quick. Almost all banks are working on their system changes and this is well underway.

As to GPH's comments on privacy the recent Privacy Act changes in 2013 specifically allow this information to be shared. Also they aren't doing this without your knowledge, I am sure you will have been informed they may do so and its also likely you specifically signed a consent to acknowledge this. The fact that you dont read legal documents is not regarded legally as an excuse (you aren't alone in this I must add, even knowing this I dont usually read in detail)!

 

[tim374]

28 Degrees has been sharing my repayment history for a some time now, only on D&B credit report though (not Veda).

 

[idjces]

I've noticed NAB started listing my current credit accounts with them on the veda report. My first NAB card a year or two ago didn't show up apart from the application check. So far this year every NAB card my gf and I have received has been listed as current on our credit reports. Not sure if the other banks have also upped their reporting

 

[Isochronous]

Does the Veda report show more than Credit Savvy?

 

[get me outta here]

I'd better do an inventory of all the unused cards and cancel a few asap.

 

[burmans]

Does the Veda report show more than Credit Savvy?

Yes, the report only shows if the credit provider interrogates the bureau on a credit application. Credit Savvy uses Experian who are the smallest of the 3 bureaus (though likely to grow quickly as they are supported by the majors). My credit savvy report shows 5 applications vs 11 on Veda (this is over 5 years). My wife's credit savvy shows no applications which is clearly not true!

 

[burmans]

I'd better do an inventory of all the unused cards and cancel a few asap.

Totally agree, now is the time to start closing accounts or reducing limits, soon the bureaus will have details of your existing limits and those whose applications don't reflect existing limits accurately will be caught out!

 

[Beta4Me]

Totally agree, now is the time to start closing accounts or reducing limits, soon the bureaus will have details of your existing limits and those whose applications don't reflect existing limits accurately will be caught out!

Or, as I'm doing, now is the time to ramp up and maximise credit lines before comprehensive reporting is commonplace.

 

[burmans]

Or, as I'm doing, now is the time to ramp up and maximise credit lines before comprehensive reporting I'd commonplace.

Yeah, well I'm not going to stop applying for cards for sure but once I've harvested the signon points I will be more ruthless about closing them down. Of course I'm assuming you a) want to keep on having a good credit record so you can keep on harvesting signon points and b) don't actually need the credit line. if b) is not true then credit cards probably aren't the way to go.

 

[Beta4Me]

Yeah, well I'm not going to stop applying for cards for sure but once I've harvested the signon points I will be more ruthless about closing them down. Of course I'm assuming you a) want to keep on having a good credit record so you can keep on harvesting signon points and b) don't actually need the credit line. if b) is not true then credit cards probably aren't the way to go.

I've been so inundated with BT offers that most cards are mixed now and I need more credit for my regular transacting cards. I probably do $50K-$100K/mth from combined business and personal spend and it's inconvenient to reload mid-month. Sign on bonii are lovely, but I earn more from transactions p.a. than I ever could from bonii.
To be honest, I'm not far off writing off Australian cards for ATO spend and having a crack at getting a US ITIN to build a FICO score so I can get an SPG Amex for ATO spend (effective 1.25ppd to AA and many others).

 

[Isochronous]

I've been so inundated with BT offers that most cards are mixed now and I need more credit for my regular transacting cards. I probably do $50K-$100K/mth from combined business and personal spend and it's inconvenient to reload mid-month. Sign on bonii are lovely, but I earn more from transactions p.a. than I ever could from bonii.
To be honest, I'm not far off writing off Australian cards for ATO spend and having a crack at getting a US ITIN to build a FICO score so I can get an SPG Amex for ATO spend (effective 1.25ppd to AA and many others).

I would love to do that!

 

[burmans]

I've been so inundated with BT offers that most cards are mixed now and I need more credit for my regular transacting cards. I probably do $50K-$100K/mth from combined business and personal spend and it's inconvenient to reload mid-month. Sign on bonii are lovely, but I earn more from transactions p.a. than I ever could from bonii.
To be honest, I'm not far off writing off Australian cards for ATO spend and having a crack at getting a US ITIN to build a FICO score so I can get an SPG Amex for ATO spend (effective 1.25ppd to AA and many others).

You'd need to talk to Cove about getting a U.S. Card, in fact hasn't he got a blog somewhere on this.

 

[Dr Ralph]

Are banks actually now sharing credit limits and repayment history with each other?

I don't believe so.

 

[get me outta here]

Just wondering, when I changed cc (again ), and then went off o/s, I stuffed up one direct debit and started getting messages re my bank having knocked it back.

So, my q. is, will the overdue accounts show retrospectively, or just going forwards?

 

[burmans]

That depends, the data sharing agreement that the banks have to agree to to enter CCR requires 3 months of historical data before they can get data back but that kind of depends on when they start to contribute.