New changes to credit reporting come into effect on 12 March this year, and some information will be back dated to December 2012.   Up to now, late payments don't show, only defaults.

In future, credit reporting advises dates of opening and closing credit accounts, the account limit, and the repayment history.   So, late payments will be disclosed.

Big deal?   Yes, could be.   When applying for a home or other loan, a credit history can often be the make or break factor, and a record of late or irregular payments could concern the lender.   On the other side, good payers may receive special rates or terms.

So, be organised; set reminders to pay before the due date, or use electronic banking or automatic debits, and even check that accounts were paid on time.

An interesting fact, 80% of people have never checked their credit history, and 93% don't know how to do so.   It's worth checking just to make sure that what is on the record is correct.   Go to:

  www.mycreditfile.com.au/personal

then click "free" and provide identification.