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MONEY MAGAZINE Article by Geri Cremin
Credit Reporting Expert
ARCA/CreditSmart
Published on: 20 July 2022

Changes to Australia's credit reporting system kicked in on 1 July, designed to better reflect the credit history of consumers who are in financial hardship.

Financial hardship can affect anyone at any time. A financial hardship arrangement is an agreement between a borrower and a lender to adjust the borrower's loan repayments because something unexpected has affected their ability to repay. These unforeseen circumstances might include natural disasters, illness, injury or loss of employment.

A financial hardship arrangement in a credit report shows that a person has taken steps to take control of their financial situation and are working with their lender to get back on track during difficult times.

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