Quarterly question

You asked- we answered

How will I be affected by new changes to the Privacy Act?
We are about to enter what we will come to know as the
BIGGEST change in privacy reforms in history.

The Privacy Amendment Act introduces significant changes to the Privacy Act commencing in March 2014 affecting how financial institutions can collect, use and disclose your information to credit-reporting bodies.

What does this mean?
It means that your financial institution is allowed to share your credit liability and repayment history by providing details of whether your payments have been made on time OR NOT.

Therefore it may affect your ability to obtain credit in the future.

Who does this affect?

EVERYONE! Even the wealthy.

You will already have an existing credit report if you have applied for any form of credit. This can include phone contracts, credit cards, residential or personal loans and hire purchase/car loans.

Does it affect you?
If you have ever missed a payment, over extended your credit card, delayed payment for as long as you can, had overdue accounts or payment defaults, then potentially YES!

When applying for a loan

If one bank rejects you, then the next one will be aware of this decline, raising their concern when determining whether to lend money to you.

‘Gone are the days when you can go
to a bank to negotiate your own mortgage.’

Because you’ll need to present your financial position in the absolute best light for the lender to consider your loan favourably.

When you use our mortgage broking services, we will know who are the best lenders for your situation and there will be a greater chance of having your loan approved.

To apply for a free copy of your credit report, contact one of the national credit reporting agencies or call the office for help.

Everyone should be aware of these changes so please…
call the office for our extended article and send to all your friends.

*Disclaimer: This article is generic in nature. All investment decisions should be considered wisely and based on your personal and financial circumstances. Seek proper advice before committing to any course of investment action. This is not deemed as advice.


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Email: info@quantuminvestor.com.au

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