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Comprehensive Credit Reporting (CCR)

What is Comprehensive Credit Reporting?

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. CCR was introduced from 1st July 2018.

These changes allow licensed credit providers to access and use this comprehensive information in order to make more informed lending decisions.

What has changed?

Essentially, the main feature of comprehensive credit reporting is the additional information able to be recorded on a credit file. There are five additional pieces of information being added and they are.

  • The type of account.
  • The date the account was opened.
  • The date the account was closed.
  • The credit limit placed on the account.
  • The repayment history.

Repayment history information includes:

  • Repayment history for credit accounts such as credit cards, home loans and personal loans
  • Whether you have made a payment or minimum payment required
  • Whether the repayment was made on time or not

This new information is stored on your credit file and shows the continuous repayment history for two years until the account is closed.

Only your repayment history from licenced credit providers who hold an Australian Credit Licence can be recorded. 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.

CCR is different to still being able to be defaulted by a creditor on your credit file if you are 60 days or more in arears and the creditor has complied with all requirements to list a default on your file.

What does it mean?

Comprehensive Credit Reporting means that a more complete picture of an individual’s credit profile can be held on 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. It could allow people to recover more quickly from adverse situations or to establish a credit history more quickly.

However, it will also show any late payments that are 30 days or more late and adversely affecting your credit score.

Comprehensive Credit Reporting is a voluntary opt-in system, it will take time for all lenders to switch across, so additional information may not appear on your credit file if your credit provider has chosen not to share this information with credit bureaus yet.

What can I do?

As more credit providers opt into Comprehensive Credit Reporting, it has never been more important to stay on top of your finances.

Restore My Credits top tips for Comprehensive Credit Reporting are:

  • Make your repayments on time.
  • Consider setting up direct debits to help ensure bills are paid on time.
  • Notify your credit providers of your new address when you move.
  • If you are struggling financially, notify the creditor.
  • If you are going to miss a payment for whatever reason, speak to your creditor.
  • If you are unsure of the above or have any questions, call one of our expert credit mediators to discuss.

Call us on 1300 035 970 to discuss or email us your enquiry

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