A key aspect of the Privacy Act is the way credit defaults are recorded and reported. This article discusses the implications of overdue debt repayments on a personal credit history. It also notes how this can affect business owners.
If you think that being only a few days late making a payment on a loan doesn’t matter, think again. Even the smallest lapse could potentially affect your credit worthiness.
Most people are aware that a loan default will automatically be recorded on their credit report. However, what many people don’t realise is that under the Australian Privacy Act even late payments made to a credit provider will smudge a previously clean credit history.
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