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Dunno where you got that "kanji" from but it basically translates to;
two animals banging each other...
Cashless society
- Thread starter sptrawler
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two animals banging each other...
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Dear Sir/Madam,
We want to update you on the changes we are making to how we report your credit information to credit reporting bodies and the impact this may have on your credit report. Your credit report is what helps lenders determine your suitability for credit products such as a Home Loan, Comprehensive Credit Reporting (CCR), also known as positive credit reporting, is happening across financial institutions in Australia and we will also be doing positive credit reporting.
We will be providing your Comprehensive Credit Reporting data on all loan accounts held with us from 1st September 2021.
What this change means for you
Today your credit history may include information such as when you applied for credit products, as well as any significantly overdue accounts or defaults you have had in the past.
The change means your credit report could include additional information, such as the date you opened your credit account, the type of account opened, the credit limits you have and up to 24 months of repayment history.
As always, protection of your data and privacy is very important to us. Please refer to our Privacy Policy for more information on how we collect, share, use and secure your data.
How this change may help you
Over time, your credit report will provide a more accurate assessment of how you manage your credit obligations. In turn, this helps us to continue to meet your needs whilst lending responsibly and ultimately helping you to achieve your financial goals.
How to get ready for comprehensive credit reporting
We recommend you make your repayments on time – this is more important than ever as it will appear favourably on your credit report.
Consider setting up a direct debit to avoid missing a payment.
Please visit our Comprehensive Credit Reporting page for more information on CCR, what it means for you, how to obtain your credit report and what to do if you are having difficulty making payments or are currently receiving financial assistance from us.
You can also read about credit reporting more broadly at Credit Smart, Australia’s Retail Credit Association website.
The noose is getting tighter and tighter....
We want to update you on the changes we are making to how we report your credit information to credit reporting bodies and the impact this may have on your credit report. Your credit report is what helps lenders determine your suitability for credit products such as a Home Loan, Comprehensive Credit Reporting (CCR), also known as positive credit reporting, is happening across financial institutions in Australia and we will also be doing positive credit reporting.
We will be providing your Comprehensive Credit Reporting data on all loan accounts held with us from 1st September 2021.
What this change means for you
Today your credit history may include information such as when you applied for credit products, as well as any significantly overdue accounts or defaults you have had in the past.
The change means your credit report could include additional information, such as the date you opened your credit account, the type of account opened, the credit limits you have and up to 24 months of repayment history.
As always, protection of your data and privacy is very important to us. Please refer to our Privacy Policy for more information on how we collect, share, use and secure your data.
How this change may help you
Over time, your credit report will provide a more accurate assessment of how you manage your credit obligations. In turn, this helps us to continue to meet your needs whilst lending responsibly and ultimately helping you to achieve your financial goals.
How to get ready for comprehensive credit reporting
We recommend you make your repayments on time – this is more important than ever as it will appear favourably on your credit report.
Consider setting up a direct debit to avoid missing a payment.
Please visit our Comprehensive Credit Reporting page for more information on CCR, what it means for you, how to obtain your credit report and what to do if you are having difficulty making payments or are currently receiving financial assistance from us.
You can also read about credit reporting more broadly at Credit Smart, Australia’s Retail Credit Association website.
The noose is getting tighter and tighter....
Value Collector
Have courage, and be kind.
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You sound like a Bitcoin broker
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One of my sons wanted to change banks for his housing loan, and signed a deal with a European bank at a very favourable interest. The bank has since come back to him and his partner saying that the loan swap is on hold because according to the credit Agency that the bank uses to vet potential and existing clients, my son actually is supposed to have died in 2019!.
He is having a lot of difficulty trying to get this rectified and have himself resurrected. I said he should wait till next easter.
To compound matters, the credit agency is USA based, so any communications with them is a long and tedious process, assuming they bother to respond.
He has since found out that there are a number of legal firms in the USA who specialise in fixing your credit ranking.
It seems that credit agency screw ups for various reasons is not an uncommon occurrence.
Mick
Craton
Mostly passive, contrarian.
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The mind just boggles that this has happened.
Ah huh, now I see. It's just another money drain for the lowly consumer to fix a problem that the consumer didn't create. Talk about come in (money) spinner.
Aside: I did smile at the Easter reference, clever.
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Back onto the topic about the Cashless society,
Now that the great unwashed have been unleashed from lockdowns, it seems there is a pent up demand to buy stuff.
Although there may be a push towards a cashless society, the RBA does not seem to see it happening soon.
From their latest weekly statement see HERE
we can see that there is a smidgin over 100 billion on issue, an increase of 328 Million over the previous Wednesday.
Those printing presses must have been running hot!.
Mick
Now that the great unwashed have been unleashed from lockdowns, it seems there is a pent up demand to buy stuff.
Although there may be a push towards a cashless society, the RBA does not seem to see it happening soon.
From their latest weekly statement see HERE
we can see that there is a smidgin over 100 billion on issue, an increase of 328 Million over the previous Wednesday.
Those printing presses must have been running hot!.
Mick
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I saw some article a while ago, a conservative estimate was 10 years, so 15-20 for Aus standards id say is fair
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I suggest he change his name to
Lazarus Deadringer Mullokintyre... ?
Hi Humid,
I understand the frustration. MEBank is a little better, with some bother. Need to use the Everyday debit card at least 4 X each month to get Bonus Interest (and need to make last purchase a few days before month end for transaction to clear). I have minimal funds in this a/c and use it to make small purchases 4x/m (buy milk etc). Then get Bonus interest on the $103k in Saving a/c. Got $4.21 interest, plus $84 Bonus Interest. Have wondered whether I can make the 4 purchases in one day and still qualify for Bonus Interest. There is no restriction against this that I could find.
Have an ING a/c, but their conditions for Bonus Interest are a pain.
Cheers
I understand the frustration. MEBank is a little better, with some bother. Need to use the Everyday debit card at least 4 X each month to get Bonus Interest (and need to make last purchase a few days before month end for transaction to clear). I have minimal funds in this a/c and use it to make small purchases 4x/m (buy milk etc). Then get Bonus interest on the $103k in Saving a/c. Got $4.21 interest, plus $84 Bonus Interest. Have wondered whether I can make the 4 purchases in one day and still qualify for Bonus Interest. There is no restriction against this that I could find.
Have an ING a/c, but their conditions for Bonus Interest are a pain.
Cheers
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need those interest rates finally up
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@Dona Ferentes posted this article in another thread, it pertains also to this one so I thought it worth posting here.
www.abc.net.au
COVID-19 is speeding up our shift towards a cashless future
The COVID-19 pandemic is accelerating Australia's shift towards buy now, pay later and other digital payment methods – at the expense of physical cash. But not everyone is happy about moving too quickly to a cashless society.
www.abc.net.au
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A post by @Telamelo shows we are still on track. 
www.theage.com.au
The Reserve Bank of Australia will trial a digital currency in a “ring-fenced” pilot program as part of a collaborative research project into how it could be used by consumers and businesses that is set to last about a year.
Australia’s central bank has previously declared its interest in digital currency, which could be a digital equivalent of the dollar and rival privately minted cryptocurrencies, but the research project announced by the bank on Tuesday with the Digital Finance Cooperative Research Centre would focus on how such an asset could actually be used.
Future of money: The RBA to trial a digital currency
The Reserve Bank of Australia will trial a digital currency as part of a collaborative research project into how it could be used by consumers and businesses.
Australia’s central bank has previously declared its interest in digital currency, which could be a digital equivalent of the dollar and rival privately minted cryptocurrencies, but the research project announced by the bank on Tuesday with the Digital Finance Cooperative Research Centre would focus on how such an asset could actually be used.
JohnDe
La dolce vita
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Purchased two coffees from a small coastal town, $12 for both. Paid with a $10 note and $2 coin. The owner said "cash, what an old fashioned idea."
Anyone out there that has cash but does not like holding it, send it to me and I will dispose of it for you.
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That must be the tourist price! A few years ago, I would pull up in the work truck at a 7-11 servo and buy the $1 small self serve takeaway coffee, I laugh at the notion of a $6 takeaway. ?
Any cafe declaring 100% of its takings in the till will soon find out why "the old ways are the best"
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says the Central Bank who repeatedly gets inflation projections wrongA post by @Telamelo shows we are still on track.
The Reserve Bank of Australia will trial a digital currency in a “ring-fenced” pilot program as part of a collaborative research project into how it could be used by consumers and businesses that is set to last about a year.Future of money: The RBA to trial a digital currency
The Reserve Bank of Australia will trial a digital currency as part of a collaborative research project into how it could be used by consumers and businesses.
Australia’s central bank has previously declared its interest in digital currency, which could be a digital equivalent of the dollar and rival privately minted cryptocurrencies, but the research project announced by the bank on Tuesday with the Digital Finance Cooperative Research Centre would focus on how such an asset could actually be used.
given the reliability of the electronic banking system and the internet that light you see coming is an out-of-control train-wreck sliding your way
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Any cafe, tradie, gardener, lawn mowing contractor, deli, drug dealer, backyard trader, or anyone else who deals in cash, even on gumtree.
The ATO and police will have a field day.
Just imagine how much money the employers will save, the ATO will be sending out your group certificate.?
Last edited:
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ACTUALLY the police won't be so happy , no more $50 coffees for them they will have to take their kick-backs in product or female comfort
but then it is only a matter of time before the police are replaced by robots
but then it is only a matter of time before the police are replaced by robots
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