Repayment History Information (RHI) is information about whether you have met your contractual obligation to make a monthly payment that’s due and payable, on time.
Information about your repayment history enables credit providers like Latitude to meet responsible lending obligations - for example, by making sure that their customers can re-pay their loans without suffering financial hardship. Your credit report will show the repayment history information for each credit product you’ve held in the last two years. This includes whether you’ve made a payment that meets your contractual obligation within 14 days after the initial due date.
Why is there a missed payment reflected on my credit file?
You may have missed a payment to satisfy the amount due and payable, or made a payment to satisfy the amount due and payable more than 14 days after the due date (see grace period below).
Is there a grace period?
A 14-day grace period applies when you miss your contractually obligated monthly payment. This means that if you’ve been up to date with your payments and then miss one, Latitude will only report the missed payment if the amount overdue is not satisfied within the 14-day grace period.
For example, if you cover your overdue monthly payment 2 days after your due date, your credit report will show that you’ve made your payment on time. However, if you make that payment sixteen days after your due date, you have exceeded the grace period and your credit report may show a missed payment.
If your account continues to remain in arrears for 1 month (or longer) then the 14-day grace period will not apply and your credit report will show a missed payment after each consecutive due date you remain in arrears.
How long will missed payments remain on my credit file?
Missed payments will remain on your credit file for up to 2 years. The best way to avoid a missed payment on your RHI is to pay your account on time. You can also set up a direct debit using our form.
What do I do if I believe my RHI is incorrect?
If you believe you have not missed a payment for a Latitude product and the RHI on your credit file is incorrect, you can raise a correction request by contacting us.
Financial Hardship Information (FHI)
As of 1 July 2022, all credit providers are required by legislation to share Financial Hardship Information (FHI) alongside RHI to credit reporting bodies. At the beginning of your hardship care arrangement, a FHI will be placed on your credit file and will remain on there for 12 months.
A FHI will not impact your credit score but will be available for consideration to lenders assessing any future credit applications you may make. For more information, please visit www.creditsmart.org.au
As long as you’re maintaining the agreed hardship care repayments for the duration of the agreement, Latitude will report your RHI as being ‘up to date’.
We’re here to help. If you’re experiencing financial hardship, please contact our Hardship Care team.