The ABA and member banks today launched new credit report fact sheets which outline in plain language the support available to customers who are experiencing financial difficulties.
A consumer-focused fact sheet includes information about the help banks can provide, how information about financial hardship can disappear from credit reports after a set period of time, and has handy links to further assistance.
This includes the ABA’s Financial Assistance Hub and the CreditSmart website, a useful resource for learning more about credit reports.
There is also a separate factsheet and other FAQs designed to help financial advisers understand how financial hardship arrangements are now reflected on credit reports from July 1, 2022.
“As the new financial year gathers pace, Australian banks are continually improving how they communicate to customers the options available to them when customers run into financial difficulty and how this may or may not affect their credit score,” the statement said. ABA CEO, Anna Bligh. today.
“These fact sheets are just one tool in the toolbox of Australian banks’ offerings to help customers get back on track”
Anna Bligh, ABA CEO