As of 1 July 2022, all credit providers are required by legislation to share Financial Hardship Information (FHI) alongside Repayment History Information (RHI) to credit reporting bodies. At the beginning of your hardship care arrangement, a financial hardship indicator will be placed on your credit file and will remain there for 12 months.
When you apply for credit, a credit provider will be able to access this information.
Will Hardship Care have an impact on my credit score?
Your FHI will not degrade 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
Will Hardship Care have an impact on my Repayment History Information (RHI)?
Hardship Care is here to help you manage your repayments and rebuild a healthy repayment history on your credit file. Your RHI will be available for consideration to lenders assessing any future credit applications you may make.
If you have payments overdue at the time you’re approved for Hardship Care, we’ll reset your account to a ‘current’ or ‘up to date’ status at the start of your Hardship Care arrangement. If you maintain the payments agreed under your Hardship Care arrangement, your account will remain ‘up to date’ and each repayment you make will help to rebuild your repayment history.
Keeping in touch during your Hardship Care arrangement.
You can rebuild a better repayment history by keeping up to date with any payment arrangement we’ve agreed.
We’ll keep an eye on how things are going throughout your Hardship Care arrangement and reach out from time to time to let you know how things are progressing or if anything goes off track. As you approach the end of your Hardship Care arrangement, we’ll get in touch to let you know the next steps.
Want to know more? Click here to view our other articles about Hardship Care.
Need more advice?
If you’re worried about your finances, consider getting in touch with the National Debt Helpline. They’re a not-for-profit service offering online and over-the-phone support to help with managing money and/or debt, or they can put you in touch with a local Financial Counsellor in your state or territory for face-to-face help. Visit their website or call 1800 007 007.