• The place to find the right expertise and make better decisions
  • Find the right expertise
Angus W.
Angus W.
Beecroft, NSW

What are the new changes in the credit rating system? And if I have been late with my electricity bills will this affect my rating?

5 years ago


Great question Angus – one of the most important assets we need to protect is our own credit rating.

Up until 2014 our credit files were protected by the Privacy Act. When we applied for a loan, a credit provider completed a credit check to make sure there were no negative information on our credit files. Through the Privacy Act the only negative information a credit provider could access was if there were noted defaults and bankruptcies.

The new credit rating system now allows credit providers to share information amongst themselves on such things like our bill payment history, credit cards and any other loans that come up on our reports.

The ability to share such information allows credit providers to understand more about how we meet our payments and obligations. If, as you ask about your electricity bill being late, if it is more than say 5-6 days then it will appear on your file. It won’t appear as a default though, as long as you do make the payment within 60 days.

The good news is though if you happen to miss a bill or payment but then continue meet the next bill and then all other payments from then on, you can still build yourself a good and clear credit rating.

One thing to always remember if you are having problems making a payment, make contact with the provider, they will appreciate the communication.

I hope this helps

This is a great question & one that I get a lot while the credit rating agency changes the way they do things. I have to agree with Paul here as there is some advice.
One thing to always keep in mind is at the first sign of any difficulty contact the bill provider or credit provider.

Hi Angus W, unless the bills have been handed over to or sold to a collection agency then they should've affect you rating. Cheers, Rob

Your Answer

If you wish to include a video or audio response, you can do this by including links to Youtube, Vimeo or SoundCloud (https://www.youtube.com/watch?v=xxxxxxxxxx OR https://vimeo.com/xxxxxxxxx)

<% error.message %>