From 1 July 2022, credit providers are required to report Financial Hardship Information (FHI) along with Repayment History Information (RHI) to credit reporting bodies.
What is Repayment History Information?
Repayment History Information shows whether you've made your monthly credit repayments on time, as agreed in your contract. This information helps credit providers like Latitude meet responsible lending obligations, ensuring customers can manage their repayments without causing financial hardship.
Your credit report will display your repayment history for each credit product you've held over the past two years. It includes whether you’ve made your payment within 14 days of the due date.
When is a missed payment reflected on my credit file?
A missed payment may appear on your credit file if:
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You didn’t pay the full amount due, or
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You paid more than 14 days after the due date
Is there a grace period?
Yes, there’s a 14-day grace period. If you miss a monthly payment but make it within 14 days, Latitude won’t report it as missed on your credit report.
Example:
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If your payment is 2 days late – it’s still considered on time.
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If your payment is 16 days late – it will likely be reported as a missed payment.
Once your account has been overdue for a full month or more, the grace period no longer applies, and missed payments will be recorded for each due date you remain behind.
How long do missed payments stay on my credit file?
Missed payments will remain on your credit file for up to 2 years. To avoid missed payments:
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Always pay your account on time
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Consider setting up direct debit to help stay on track
What if I think my Repayment History Information is wrong?
If you believe the Repayment History Information on your credit file is incorrect and you haven’t missed a payment for your Latitude product, please contact us to raise a correction request.
What is Financial Hardship Information?
If you enter into a Hardship Care arrangement, Financial Hardship Information will appear on your credit file and stay there for 12 months from the start of your arrangement.
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Financial Hardship Information does not affect your credit score
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It is available for consideration to lenders assessing any future credit applications you may make
- As long as you stick to your hardship care agreement, your Repayment History Information will show as up to date
- For more about Financial Hardship Information, visit CreditSmart.org.au
If you’re going through a tough time financially, our Hardship Care team is here to support you. Don’t hesitate to reach out.