As from 1st July 2020 , financial institutions will now be on live reporting or positive credit reporting as reported in our previous newsletters.

Here is a brief summary of how the Comprehensive Credit Reporting/ Open Banking works.

The Positive reporting system will provide the following information to a lender :-

  • List of all credit accounts such as real property mortgages, credit cards and auto loans
  • Date the account was opened and closed
  • Latest Limit
  • Loan term and repayment type
  • Repayment history for up to 24 monthsIt should be made known that if you are seeking credit via online applications or via direct contact with a bank, a credit check is conducted and your enquiry is recorded.

Therefore, it is important to disclose all information from the outset to enable a full assessment and not delay the process in getting that loan

Also, lenders are now requesting that borrowers present their bank statements by submitting on line to, a secured site where applicants can authorize their finance broker to submit necessary bank statements to save time and streamline the process.

A professional finance broker should conduct a credit check prior to any finance submissions and address any issues on the file prior to the submission of any applications.

Talk to Paul today who is able to complete this report for you and is very experienced to help you mitigate any issues to ensure a higher rate of success in your application.


Tags: ,