Repayment History Information reflects your ability to repay your debt. It shows whether your contractual payments are made on time or not for each due amount.
Over time, credit reporting will show a more accurate picture of your ability to repay your debts and will enable Credit Providers like Latitude to make more informed decisions in line with responsible lending obligations.
Your credit report will show the below information related to your Repayment History for each credit product you’ve held in the last two years:
- how often you paid and if you paid by the due date
- any missed payments (payments not made within the initial 14 day grace period)
Why is there a late payment reflected on my credit file?
If you’ve been up to date with your repayments and then miss one, Latitude will only report that you missed the payment, if the payment was made after the initial 14 day grace period. This means that if you forget to make the payment but catch up within a couple of days, your credit report will show that you’ve made the payment on time.
If you don’t catch up on outstanding payments, then the 14 day grace period does not apply.
Late payments stay on your credit file for up to 2 years. The best way to avoid late payments is to pay your account on time. You can also set up a direct debit using this form.
If you believe you have not missed a repayment for a Latitude Product and the Repayment History Information on your credit file is incorrect you can raise a correction by contacting us.
Do my hardship care arrangements show on my credit file?
During your hardship care arrangement, as long as you are maintaining the agreed hardship care repayments, Latitude will report your account as “up to date.
The federal government announced that new hardship credit reporting legislation will come into effect from 1 July 2022. Latitude is working to implement the required changes in time for the go-live date.
If you’re having trouble making your repayments please contact our Hardship Care team to see what we can do to help.
