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What is Comprehensive Credit Reporting?

Historically your credit score was based on negative information (defaults, judgements and bankruptcies etc)  but under Comprehensive Credit Reporting (CCR) your credit providers will also need to include positive information. For example, if you missed a loan repayment last year it will still be mentioned on your credit score as a negative event but now it will also state that you made the following 6 repayments without any issue. This will reward you for your good repayment history and improve your score. This new system will be fully operational by July 1 2019.

Why Is This Important For Me?

Your credit score will change under this new system but even if you still have a good score the extra detail in the new reporting could still mean that you are rejected for a loan application. If you think you may apply for some kind of finance or credit account (even a mobile phone plan) in the future then you should get familiar with the details of your report. With the addition of positive credit events it means that the volume of events being reported is greatly increased. This also increases the chance of data being wrongly reported which could affect you.

What New Information Will Be Reported?

Your report will now include details which give a bigger picture of your credit history, Such as:

  • Applications for credit accounts (credit card, personal loan etc)
  • Date the account was opened
  • Repayment history (2 years)
  • Current credit limit
  • Account closed date

Credit providers will now make decisions based on more information about your credit history. They create a risk profile based on all these items, so minimising loan applications, credit card limits and balances and missed payments will have a positive impact on your credit score.

Who Will Report My Details?

There are now three credit reporting bureaus in Australia Equifax, Experian and illion. It is likely that each one will have a slightly different report for you, meaning one could be better than another. When you apply for finance you can't be sure which one of these bureaus your loan provider will check your report on.


Disclaimer: This article is for general knowledge and may not reflect your individual situation or requirements. You should seek your own advice. Finance approval will be subject to individual lenders credit criteria.


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