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Positive Credit Reporting – What it means for you

Positive Credit Reporting also known as Comprehensive Credit Reporting (CCR) is a reporting system whereby lenders share more of your data with credit bureaus such as Equifax and Experian. This in turn will be listed on your credit report.

In the past, the only information that was mandatory to share was Negative Credit Reporting. It wasn’t until 1st July 2018 when it was made compulsory for the big banks to share at least 50% of your positive credit data with credit bureaus. By 1st July 2019 this amount will be increased to 100%.

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Breaking News – October interest rate update

The Reserve Bank of Australia has decided to leave the official cash rate unchanged at 1.5% for the 26th consecutive time. It’s now almost eight years since the last increase.

In making this decision the RBA looks to have balanced low unemployment, strong trade figures and increasing business and public sector infrastructure investment against continued low inflation, falling house prices and slow wages growth.

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Tax Debt

As we are all aware, each financial year we are required to lodge a tax return. For self-employed & small business owners this can sometimes be complex & is always time consuming. Mistakes are sometimes made, or it doesn’t get completed on time which can result in a tax debt payable to the Australian Tax Office.

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