Ultimately, it could lead to improved access to credit for consumers and potentially at better rates. It could allow people to recover more quickly from adverse situations or to establish a credit history more quickly. It will allow people to take greater control of how they can be perceived by potential lenders reviewing their credit file. People demonstrating good credit-based behaviour (such as repaying debt on time) will now see that reflected on their file and credit score. The current limit on the credit accountĬomprehensive Credit Reporting means that a more complete picture of an individual’s credit profile can be held on their credit file.The name of the credit provider and whether they are a licensee.The date the credit account was opened and/or closed.Telecommunication and utility companies are not licenced credit providers, so your repayment history will not include these providers and they will not be able to see repayment details either.Ĭonsumer credit liability information includes: Only your repayment history from licenced credit providers who hold an Australian Credit Licence can be recorded. Your repayment history is stored on your credit file for two years. Whether the repayment was made on time or not.Whether you have made a payment or minimum payment required.Repayment history for credit accounts such as credit cards, home loans and personal loans.
The new categories of information included in your credit file under Comprehensive Credit Reporting include repayment history information and consumer credit liability information. The requirement is to share their positive consumer credit data to provide Aussies a more complete picture of their credit profile. The move across to CCR was originally optional and following limited take up by financial providers, in late 2017 the Australian government announced it was mandating CCR for the Big Four banks. In March 2014, changes to the Privacy Act 1988 came into effect to allow for this inclusion of extra information about your credit history in your credit file. These changes allow licensed credit providers to access and use this comprehensive information in order to make more informed lending decisions. Simply put, Comprehensive Credit Reporting (CCR) or ‘positive reporting’ refers to additional information being provided to, and held by, Credit Reporting Bodies (CRBs) in Australia.
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