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Comprehensive Credit Reporting
Comprehensive Credit Reporting allows more positive data to be included in your credit report.
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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Ask an Expert
My credit score is very good according to your website however the bank says I have a bad credit rating. What does this mean?
Hi Darrell,
Thanks for getting in touch!
You can find what constitutes a good/bad credit score. Lenders use your credit rating and your credit report to assess your application when you apply for a credit card or loan.
Please note that lenders/banks have different eligibility criteria so the probability of being approved or not depends on how you match their own eligibility requirements. This is why it’s important to check those factors carefully before applying for a loan/credit card.
I hope this helps! For any clarifications, feel free to message us again.
Best,
Nikki
What is a negative data score on an Equifax report and what is it used for? Is the comprehensive score what banks look at?
Hi Vicki,
Thank you for getting in touch with Finder.
Your Equifax score is a number between 0 and 1200. 0-509 is categorised as below average to average. Some of the factors that negatively impact your Experian credit score are credit enquiries, age of credit file, default information, court writs and more.
Banks/lenders/credit providers are still looking at the info provided by the credit reporting bureaus such as Equifax or Experian. The Comprehensive Credit Reporting (CCR) is the system where these credit reporting bureaus collect the credit data they need which are from banks or financial providers.
I hope this helps.
Please feel free to reach out to us if you have any other enquiries.
Thank you and have a wonderful day!
Cheers,
Jeni
How i can fix my credit score and who can help?
Hi Yakun,
Thank you for your comment.
Having a good credit history is important. So if you have bad credit and need to be fixed or repaired, kindly refer to our credit repair guide.
You can also look for credit repair companies that will help you in your quest to repair your credit score.
Regards,
Jhezelyn
Why is my credit score so low when I have no adverse information on my credit file
Hi Jacob,
Thanks for reaching out.
Your credit score is calculated using the information on your credit file, so any good or bad information listed will affect it.
Moreover, factors such as type of credit provider, size of credit requested, number of credit inquiries, age of credit file, personal details, and default information can take into account your risk as a borrower.
If you feel that there may have been errors on your credit report, you may contact Equifax directly for clarification. Meanwhile, you can check this guide to get you started in correcting mistakes on your credit file.
Cheers,
Joanne
What is my credit score, please?
Hi,
Thanks for your inquiry.
To get your free credit score. Kindy complete the form by entering the details matching with your valid Australian driver’s licence.
Best regards,
Rench