In 2014, Australia began the move to a “comprehensive credit reporting” regime, or CCR for short. CCR allows credit providers to share additional credit information about their customers with the ultimate goal of ensuring more comprehensive and balanced assessments of applicant’s credit histories.
Previously, Australia had a ‘negative only’ credit reporting system only kept a record of negative events, such as the date of your loan application, any defaults on your loan or bankruptcies.
Now, the reporting system will share additional, ‘positive’ information such as when you opened and closed a credit account, account type, credit limits you have and up to 24 months of repayment history.
The major banks have already adopted CCR and Heritage will commence sharing for CCR purposes from in 2023.
Your credit health is assessed by credit providers based on how well you manage your debts, and you can keep it strong by making your account payments on time.
Checking your own credit report can help you understand how your credit health is tracking and has no impact on your credit report or credit score. You can get a free credit report annually and within 90 days of you being refused credit, from each of the 3 main credit reporting bodies:
If you’re not eligible for a free credit report you can pay a small fee to a credit reporting body to access your credit report.
What is a Credit Report?
What is a Credit Score?
What is Comprehensive Credit Reporting?
When will Comprehensive Credit Reporting come into effect?
Why is Heritage adopting Comprehensive Credit Reporting?
Can I opt out of Comprehensive Credit Reporting?
Is it legal for Heritage to share my data for Comprehensive Credit Reporting?
Who are the Credit Reporting bodies in Australia?
How can I get a free copy of my credit report?
What do I do if my information is incorrect on my credit report?