From March 2014, Australia changed to a comprehensive credit reporting system. Previously there was a negative reporting system whereby your credit report kept a record of any loans you had applied for (it doesn’t say where they were approved or whether you took them) and it also recorded any defaults.
Now, your credit report will also record if you have missed a payment by more than 5 days from a licensed credit provider. In other words it will actually show all future credit providers whether you actually pay your loans and bills on time. Some other things that will now also be recorded are:
Whether repayments have been made on time over a two-year period.
If a repayment of over $150 is more than 60 days late, it will be listed as a default.
The limit on the credit cards for which you have applied and the type of card.
The date you opened a credit account, the type of account, and when it was closed.
If, because of a default, someone has entered into a new varied arrangement for repayments.