Repayment History Information reflects your ability to repay your debt. It shows whether your contractual payments are made on time or not for each due amount.
Over time, credit reporting will show a more accurate picture of your ability to repay your debts and will enable Credit Providers like Latitude to make more informed decisions in line with responsible lending obligations.
Your credit report will show the below information related to your Repayment History for each credit product you’ve held in the last two years:
- how often you paid and if you paid by the due date
- any missed payments (payments not made within the initial 14 day grace period)
Why does LatitudePay and LatitudePay Plus let Credit Reporting Bodies know about my repayment history?
To assist with responsible lending LatitudePay and LatitudePay Plus advises Credit Reporting Bodies of our customers Repayment History Information and Consumer Credit Liability Information. By reporting this information lenders have a better knowledge of your credit behaviour, which means applicants with a reliable history of paying on time may be more likely to be approved for credit when they apply.
When did LatitudePay and LatitudePay Plus start reporting my Repayment History Information and Consumer Credit Liability Information?
LatitudePay and LatitudePay Plus began reporting your Consumer Credit Liability Information and Repayment History Information to Credit Reporting Bodies for your payments from 1st September 2021 onwards.
Why is there a late payment reflected on my credit file?
If you’ve been up to date with your repayments and then miss one, Latitude will only report that you missed the payment if the payment was made after an initial 14 day grace period. This means that if you forget to make the payment but catch up within a couple of days, your credit report will show that you’ve made the payment on time.
If you don’t catch up on outstanding payments, then the 14 day grace period does not apply to subsequent late payments.
Late payments stay on your credit file for 2 years. The best way to avoid late payments is to pay your account on time. You can look to set up an active payment method such as a direct debit using this form.
If you believe you have not missed a repayment for a Latitude Product and the Repayment History Information on your credit file is incorrect, you can raise a correction by contacting us.
What information do you collect/ share with a Credit Reporting Body (CRB)?
As part of your application for credit and ongoing management of your account, we will collect and share the following information:
- identification information, such as your name, address, date of birth or employer;
- consumer credit liability information, this is information about your consumer credit accounts you hold, or have held with us such as Type of Credit, Credit Limit, Open and if closed, Closed date;
- repayment history information, this is information about whether you have paid on time over the past 2 years;
- credit enquiry information, details of the type of credit applications you applied for;
- default information, information on overdue amounts which have been overdue for greater than 60 days and greater than $150;
For more information on Credit Reporting visit our Privacy and Credit Reporting policy.