What do you report on my credit report for any financial hardship assistance provided?
Your credit report shows whether you have made your credit card repayments on time for your account(s). This is known as your repayment history information (RHI).
Importantly, your credit report:
- won’t show missed payments during a financial hardship arrangement provided you make the repayments agreed as per the arrangement (if any),
- won’t include the reason for the financial hardship arrangement, and
- won’t show any information about your financial hardship arrangement after twelve months.
As your Kogan Money Credit Cards account is regulated by the National Credit Code (NCC) then, for the period that a financial hardship arrangement is in place, we’ll report Financial Hardship Information (FHI) to the credit reporting bodies. This shows that a financial hardship arrangement was agreed with you.
During the arrangement, your repayment history information will show that you’ve made your repayments on time provided you meet the agreed payments of the financial hardship arrangement (if any).
If you don’t have any repayment obligations during your financial hardship arrangement at all (sometimes called a “payment break”), you’ll be reported as up-to-date while the financial hardship arrangement remains in place.
Credit reporting bodies are not allowed to use Financial Hardship Information in the calculation of your credit score. For more information, please refer to CreditSmart®.
