Guide to Comprehensive Credit Reporting
Your credit report now includes more data - find out what this means for your finances.
We’re committed to our readers and editorial independence. We don’t compare all products in the market and may receive compensation when we refer you to our partners, but this does not influence our opinions or reviews. Learn more about Finder .
A change has come to credit reporting in Australia as of 1 July 2018. This change, called "Comprehensive Credit Reporting" (CCR), will see more positive credit data included on your credit report so lenders can have a clearer picture of your finances. The availability of more data means it's likely that your credit score will change.
This guide will take you through exactly what CCR is, the new data you will see on your report and how it will affect you.
What is Comprehensive Credit Reporting (CCR)?
CCR is a system whereby lenders share more of your data with credit bureaus such as Equifax and Experian, which in turn will list it on your credit report. Prior to CCR, Australians mainly had negative information such as defaults and bankruptcies listed on their credit report, but with CCR additional information such as the type of credit we hold and whether we make payments on time are included.
These additional points of data allow lenders to make better lending decisions.
When is CCR coming into effect?
The majority of the mandated CCR deadlines have now past. By 30 June 2021, all currently legislated institutions will be required to provide comprehensive credit data.
Technically, CCR has been in place since March 2014. However, when it was first introduced the scheme was not mandatory and the banks were extremely sluggish on getting involved with the program. On 2 November 2017, Federal Treasurer Scott Morrison announced that participation in Comprehensive Credit Reporting will be mandated for the Big Four banks.
This means that as of 1 July 2018, the major banks were required to share 50% of your credit data with credit bureaus. This was increased to 100% by 1 July 2019. While only the four major banks (NAB, CommBank, Westpac and ANZ) are required to share this data, other credit providers will likely also share data within the same time frame to remain competitive.
Why did banks and lenders not voluntarily contribute positive credit data before?
Some lenders voluntarily contributed positive credit data; as of April 2017, Equifax reported that 24% of lenders were sharing data. However, this didn't include any of the major banks.
There were a few reasons for this. One was that the banks took a long time to prepare their systems to report data to credit reporting bureaus in public mode (some banks, such as NAB, had been sharing data privately).
Another reason was that the data the banks held was regarded as an asset and it allowed them to make lending decisions and curate product offerings to their own customers. If they shared this data their competitors would be able to do the same to their customers as well.
What new information will be in my credit file with CCR?
It's important to note that you may not see all of this information included in your credit report after 30 September 2019. Firstly, only the Big Four banks had to share their comprehensive data. The below list of comprehensive data can be expected to appear on your credit file as reported by the Big Four.
|Credit information||Before CCR||After CCR|
|Credit inquiry information|
|Credit type you applied for|
|Credit amount applied for|
|Date you opened your credit accounts|
|Credit accounts types you opened|
|Date you closed your credit account|
|Maximum credit amount available for each account|
|New and previous credit amounts|
|Conditions related to your repayment|
|Credit providers names and if they have a credit licence|
|Overdue consumer credit accounts details|
|Monthly repayments for the last two years|
|Default agreements details|
|Commercial credit applications|
|Overdue commercial credit account details|
Will my credit score change?
Yes, it is likely your credit score will change. Data from Equifax has shown that generally, consumers with CCR data on their credit file will see improvements in their credit scores. Want to know what yours is? Just click the button below.
Lenders know your credit score, so why shouldn't you?
Get your credit score and comprehensive report now!
More guides on Finder
Financial Fitness Challenge Week 3: How to get the most out of a credit card
How to cut debt and make your credit card work for you.
Financial Fitness Challenge Week 2: Check and improve your credit score
Understand your credit score with the Finder Financial Fitness Challenge.
Brighte Personal Loan
Looking to renovate your home? Find out more about Brighte's personal loan for home improvements and ways in which it may be able to benefit you.
Credit card woes: Where do Aussies turn if they can’t pay off their plastic?
Only half of Australians who find themselves buried under out-of-control credit card debt could dig themselves out, according to Finder.
Over the limit: Pandemic pushes 2 million Aussies beyond credit means
Soaring unemployment and wage cuts have seen people increasingly overdrawing their credit cards, according to Finder, Australia’s most visited comparison site.
Financial Fitness Challenge Week 1: Tracking your spending
Start our FREE 4-week plan to supercharge your finances.
COVID-19 credit crunch: Two million Australians over their credit card limit
Finder survey shows coronavirus is leaving millions of Australians at risk of credit card delinquency.
Consent and the Consumer Data Right in Australia
The challenges and complexities of consent, and how it plays into the Consumer Data Right.
CommBank Neo card
A new type of credit card to the Australian market, the CommBank Neo doesn’t charge any interest but has a monthly fee instead. Find out more in our comprehensive review.
Spend analytics is here!
See what Spend analytics can do for you and your finances, now live in the Finder app.
Ask an Expert