How comprehensive credit reporting will affect your personal loan

By Ben Tosi · · 3 min read
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Early this month Treasurer Scott Morrison announced changes to credit reporting that mean lenders must commit to comprehensive credit reporting by July 1 next year - but what does that mean if you’re in the market for a personal loan?

Speaking at the Intersekt FinTech Festival in Melbourne last week, Morrison said that the move to comprehensive credit reporting will empower customers who are on top of their credit repayments.

“If you have a good credit history - you're paying down your mortgage, you haven't missed a payment on your car loan and your credit cards are under control - you will be able to demand a better deal on your interest rates, or shop around, armed with your data," he said.

RELATED: Top rates for top marks: Australians to be rewarded with cheaper home loans for good credit history


What is comprehensive credit reporting? 

Comprehensive credit reporting is the new system of credit reporting that allows lenders to get a better picture of how a borrower handles a line of income. Your credit history now includes information about your current accounts, accounts that have been opened and closed, the date that you pay any default notice. And how well and often you need your repayments. 

In the same way that these changes could affect the rates on your home loan or car loan, Aussies can expect the Government initiative to affect the rates on offer to them from personal loan providers.

When you apply for a personal loan, lenders will be able to get an extensive picture of your credit history, which means that, if you’ve kept everything under control and made repayments on-time, you could be well on your way to securing a better rate.

Personal loan lender, SocietyOne offered to join the initiative a day before the Treasurer’s speech and believe this is good news for consumers and providers alike.

"The benefits for consumers are huge as this will transform the opportunities for them to get a better deal when applying for loans and enable them to shop around for a better interest rate,” said CEO and Managing Director, Jason Yetton.

“By sharing all positive consumer credit data, the industry is ensuring all lenders are in a better position to assess a customer’s needs and meet all of our requirements under the rules of responsible lending.”

RELATED: Aussies urged to save on car loans as providers drive rates down

While comprehensive credit reporting could potentially mean you’ll be offered a better rate on your next personal loan, Mozo’s Head of Product Data Peter Marshall said that you need to be weary of the possible negative consequences.

“If you’ve been late on a couple of home loan repayments or have other blemishes on your credit history, you might not be offered a better rate. Now more than ever, it really pays for consumers to stay atop of their credit cards and other loans,” he said.

If you want more of a rundown on how your credit history works along with a few tips on how to keep it as clean as possible, check out our dedicated guide here as well as a bunch of personal loan options below.

Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can search our database of 232 personal loans using the filters.
Last updated 5 December 2025 Important disclosures and comparison rate warning*

Personal loan comparisons on Mozo

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    Based on $30,000 over 5 years
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    $608
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    Interest rate from
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    to
    21.78 % p.a.
    Based on $30,000 over 5 years
    Monthly repayment
    $608
    Go to site

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    Based on $30,000 over 5 years
    Monthly repayment
    $608
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Showing 7 results from 232 personal loans. Use the filters to see more

* WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

^See information about the Mozo Experts Choice Personal Loan Awards

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