Like any loan or credit card you might apply for, your StepPay application does involve initial checks with credit bureaus. Keeping your repayments up to date is an important responsibility for any buy now, pay later facility, including CommBank’s StepPay. Read on to find out more.

Understanding StepPay and credit bureaus

CommBank does standard credit checks of eligible customers as part of the StepPay approval process. This is to help make sure StepPay is appropriate for your financial situation. We want to help you meet your financial needs with the right product for you at the right time.

The credit check is a fast process and you won’t even know it’s going on. We look at your accounts and loans with CommBank, as well as any credit products you may have with other financial institutions on your credit file.

This process also helps determine what spending limit will apply to your StepPay – anywhere from the minimum limit of $400 to the maximum of $1000, depending on your overall financial situation.

What if I miss StepPay repayments?

A late payment fee of $10 may apply if you don’t have available funds in your nominated CommBank account to meet a particular instalment when it’s due. Note you won’t be able to spend with StepPay until that is rectified.

We do have limits in place so late fees are capped. For instance, you will only ever pay one late fee per instalment. You will only be charged a maximum of two late fees per purchase, one late fee per day, and 12 late fees per year.

Do missed repayments affect your credit score?

If you miss payments on your buy now, pay later account it may affect your credit score.

The credit agencies take these into account when assessing your credit score, especially if you demonstrate you’re unable to manage your payments. This may affect your ability to secure a loan in the future or limit how much you can borrow.

With StepPay instalments processed automatically from your linked CommBank account, it makes meeting repayment deadlines a lot more manageable. It is important to ensure you keep sufficient funds in your linked CommBank account to meet your repayments.

What happens if your StepPay application is declined

When applying for StepPay there are a couple of eligibility requirements you have to meet. If you’re eligible and your StepPay application is declined, this could be due to an adverse return from a credit bureau. You have the ability to query that directly with a credit bureau. We always encourage CommBank customers to be on top of their credit scores as part of their overall financial awareness.

It’s free to access your credit score, and the credit report which your score is based on.

Just contact these credit reporting agencies:

Experian 1300 783 684
illion 132 333
Equifax 138 332

If you want to fix something that’s inaccurate in your credit report, you can also do a credit repair.

We want all our StepPay customers to be able to buy now, pay later with confidence.

More about StepPay

Learn more about StepPay, a new way to buy now, pay later wherever, on whatever

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Things you should know

This article is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice. You should consider seeking financial advice before making any decision based on this information. Applications are subject to credit approval. Full Conditions of Use will be included at point of application. Bank fees and charges may apply.

The CommBank app is free to download however your mobile network provider charges you for accessing data on your phone. You should refer to your mobile phone plan or contact your provider to find out more. Terms and conditions are available on the CommBank app. NetBank access with NetCode SMS required. Find out about the minimum operating requirements on the CommBank app page.

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