
What is Comprehensive Credit Reporting?
From 1 July 2018 Australia changed to a system called "Comprehensive Credit Reporting" (CCR), where more positive information about your credit history is included on your file. This means your...
Arrears refer to payments that are overdue or unpaid, especially in the context of financial obligations such as bills or loan repayments.
Arrears refer to payments that are overdue or unpaid, especially in the context of financial obligations such as bills or loan repayments. If someone is in arrears, it means they have not made the required payments on time and have fallen behind in meeting their financial commitments.
Payments that can be in arrears include: Rent: if a tenant fails to make timely rent payments, they may be in arrears. Loan repayments: payments toward loans, such as personal loans, mortgages, or car loans Bills: utility bills (electricity, water, etc.) or other regular bills Subscription fees: payments for services like subscriptions (internet, streaming, etc.)
Child support payments: If a person fails to make court-ordered child support payments on time, they may be in arrears. Employee wages: If an employer delays salary payments to employees, it could be considered wage arrears.
To "pay in arrears" means making a payment after the services or goods have been provided, or the agreed-upon period has passed. In this context, payments are not made in advance but are settled at the end of a specific period.
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