Comprehensive Credit Reporting and What this Means for Your Credit Report

Comprehensive Credit Reporting (CCR) 

Comprehensive Credit Score

What is Comprehensive Credit Reporting (CCR)?

Comprehensive Credit Reporting, or more commonly known as Positive Credit Reporting, is Australia’s new credit reporting system that has been introduced to ensure a smoother and easier way for lenders to assess a person’s credit history.

Changes to your Credit Report

Australia has previously used Negative Credit Reporting where only information such as credit enquiries, bankruptcies or defaults/late/missed payments would have shown up on your Credit Report. This will change the way a lender assesses your application for finance and the information that will be available to the lender when looking at your Credit Report.

Your New Credit Report Will Show:

  • Repayment history (good or bad) for the last 24 months
  • The date an account was opened or closed
  • Credit limit and the type of credit

Lenders will be able to share all this information with other credit providers, which will give a greater insight into your current financial commitments.

Credit Information Collected Before CCR and After CCR:

Credit Information Before And After Comprehensive Credit Reporting

How will this Change Benefit You?

Whilst there will be a lot more information now available to lenders on your current and past financial commitments, this will ultimately reduce the amount of paperwork required from you when submitting an application to a lender. This change should also lead to quicker turnaround time for a response from your lender.

With Comprehensive Credit Reporting now showing positive credit history as well as negative, your credit applications will be strengthened and in time, potentially provide better interest rates.

It is very important to have an understanding of your credit standing and we recommend that you obtain a current copy of your Credit Report.

If you would like to obtain and discuss your Credit Report, the team at Allan Hall Finance will be very happy to assist you. Please contact the Allan Hall Finance team today to book in for a free consultation.

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