Millions of Australians could directly benefit from coming changes to Australia's credit reporting system, according to new research.

Proposed changes soon to be debated in parliament would require the big four banks to report repayment information on credit accounts, enabling consumers to show recent positive repayment behaviour.

From 1 July the major lenders were given three months to share at least 50% of their credit information with credit bureaus.

Data and analytics company Equifax said it is "good news" for Australians who pay their mortgage on time, as this behaviour gives direct evidence of their financial capability.

The credit reporting changes also offer hope for people who have previously been through a period of financial difficulty, often because of a period of unemployment or relationship breakdown.

Data from the Equifax consumer credit bureau reveals there are approximately 200,000 Australians who have a credit report that only shows an historic black mark of a default, judgement or bankruptcy that occurred more than four years ago.

That single piece of historic negative information can exclude a person from accessing new credit or getting better-priced credit for many years after the event took place.

The company's group managing director Australia and New Zealand, Mike Cutter, said, "These changes are about financial inclusion, giving people who have an old black mark on their credit report a chance to show they have recovered from a rough patch and are now making the regular repayments on their credit accounts.

"Showing that these consumers are back on track is a major benefit of comprehensive credit reporting, and one that may allow them to access cheaper rates or a better deal."

The reforms are also good news for those who pay their minimum mortgage payments on time every month.

Cutter said, "The majority of consumers make repayments on time each month, but this has not been shown on their credit report until now.

"These reforms are about providing a more accurate picture of consumers and giving them the opportunity to showcase their positive repayment behaviour."