What is Comprehensive Credit Reporting?
Comprehensive Credit Reporting (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.
What data is included with Comprehensive Credit Reporting?
|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|
How does CCR affect my mortgage application?
When lenders adopt CCR they can access a lot more information about your financial position and behaviour. This gives them more context around your finances, such as:
- The nature of your debts and credits, including credit limits on your cards.
- When your accounts were opened and closed.
- Your repayment history, including whether you made minimum repayments only, and whether repayments were made on time or not.
Theoretically, more data means more accurate decisions. Comprehensive credit reporting will let you establish a good credit rating faster. It lets good borrowers prove they're reliable enough to get a mortgage.
If you're a diligent saver with few debts CCR will make it easier for you to get a loan. But if you have a troubled credit past it's much harder to hide it. This could result in your mortgage application getting rejected, or your lender charging you a higher rate instead.
When did CCR come into affect?
Comprehensive Credit Reporting was introduced in stages in Australia, and was fully in effect by September 2022.
History of Comprehensive Credit Reporting
Technically, some form of 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.
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.
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