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Credit Report

Comprehensive Credit Reporting

What is the Comprehensive Credit Reporting?

Since 1st of July, credit reporting in Australia has changed, is “Comprehensive Credit Reporting” (CCR). The changes are that CCR including not only defaults and bankruptcies but also more positive credit data, which means your credit score will change.

With the new comprehensive credit reporting system positive data is able to be included on credit report, the positive data that can be included on credit reports include account information such as the date an account was opened and closed, credit limit, type of credit account as well as 24 months repayment history.


What are the benefits of Comprehensive Credit Reporting for consumers?

  • Highlights good credit behavior: you will be able to demonstrate recent good credit behavior because the new system records if you have made your credit payments on time.
  • Fast recovery from adversity: you may improve your credit profile more quickly after an adverse financial event by showing good credit behavior, potentially countering the impact of a default up to five years old.
  • Quicker to establish a credit report: for individuals new to consumer credit, the use of comprehensive information means that you can build creditworthiness more quickly. For example, if you are a young person or a recent arrival from overseas.
  • A more balanced system: it is more balanced and transparent system for consumers who already have a good credit history, as well as those who previously had trouble meeting their financial commitments – as it may enable them to access quality credit where they may not have able to previously

Tammy Richards

Finance Expert, Writer, Entrepreneur

Tammy Richards is a passionate finance expert who is also a writer and business owner. With over 10 years of experience as a finance expert, Tammy wants... read more

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