Yesterday, Victoria Police made headlines after a "poorly worded" memo circulated saying unpaid COVID-19 fines would not be pursued, which has since been corrected.

Regardless of the mix-up in communication, an expert has warned that unpaid fines can still appear on one's credit report, which could affect a borrower's ability to access things like home loans, car loans and more.

"Details of any previous court judgement will show up on your credit report, which can be accessed for free," said Michael Yates, illion's general manager of Credit Simple, a website used to calculate credit scores.

Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest interest rates on the market.

Rates
Features
Conditions
Other
Provider
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
Disclosure

Savings Account

  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
More details
Disclosure
400$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Special offer: Savings Accelerator (Kick Starter offer).
  • For a limited time, new ING customers can get a bonus 0.70% p.a. on their savings rate on balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
  • If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.7%
Disclosure

Savings Accelerator

  • Special offer: Savings Accelerator (Kick Starter offer).
  • For a limited time, new ING customers can get a bonus 0.70% p.a. on their savings rate on balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
  • If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.7%
More details
Disclosure
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Earn up to 5.20% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money
Disclosure

AMP Saver Account

  • Earn up to 5.20% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money
More details
Disclosure
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month
Disclosure

Savings Maximiser

  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month
More details
Disclosure
  • Earn up to 5.20% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money

More details
Important Information and Comparison Rate Warning

All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of November 1, 2024. View disclaimer.

Important Information and Comparison Rate Warning

However, recent changes to the law mean unpaid fines do not impact credit scores like they once did, according to Mr Yates.

"Historically your credit score may have been impacted if you failed to pay a fine and the matter ended up in court," he said.

"Regulatory changes made in February 2020, however, mean that your credit score won’t be impacted if you fail to pay parking, speeding or other such fines that were taken to court after February 2020."

Victoria Police deputy commissioner Rick Nugent said it has not changed its policy on the issue of fines.

"In hindsight the guidance note was poorly worded. It wasn't ideal and didn't send the right message," he said.

Approximately 40,000 fines have been issued in Victoria since the start of the pandemic, with just 3,000 paid off in full.

A further 5,700 people have 'accepted guilt' and are on a payment plan, while 2,400 matters have gone to court.

Earlier in the year, 'Operation Sentinel' formed a 'ring of steel' around Melbourne enforcing lockdown orders, with fines of up to $1,652 for individuals breaching lockdowns.

Following a review by the operation, some of the fines had been withdrawn, but Mr Nugent did not confirm exact numbers at a press conference this morning. 

In Queensland, Nine News reported in October that nine out of ten people failed to pay their fines between 19 March and 29 September. 

"Quite a high percentage" of people also failed to pay their hotel quarantine bills, according to Queensland police commissioner Katarina Carroll.

credit-simple

Source: Credit Simple

Photo by Deepak Choudhary on Unsplash