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.

Provider

4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance

High Interest Savings Account (< $250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
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

Savings Maximiser (<$100k)

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

Saver Account (<$250k)

  • No account fees
  • Total ongoing variable rate of up to 5.20% pa by depositing $1,000 in the previous month
  • Easy access to your money
4000$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
  • A great base interest rate of 4.75%

Savings Account (Amounts < $250k)

  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • A great base interest rate of 4.75%
05001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Maximum Age - 24
  • $0 monthly account fee
  • Earn bonus interest

Goal Saver

  • Maximum Age - 24
  • $0 monthly account fee
  • Earn bonus interest
02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
No monthly fees
  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
No monthly fees

Save Account

  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
0200$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • No fees or penalties for withdrawing money
  • Savings guaranteed up to $250,000
  • Maximise your savings and reach your goals faster with Auto-Savings

Bonus Saver Account (Amounts < $250k)

  • No fees or penalties for withdrawing money
  • Savings guaranteed up to $250,000
  • Maximise your savings and reach your goals faster with Auto-Savings
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
For customers aged 14-35 years
For customers aged 14-35 years

Future Saver Account ( < $50k)

    010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

    Boost Saver

      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 December 10, 2023. View disclaimer.

      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