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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 behaviour: you will be able to demonstrate recent good credit behaviour 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 behaviour, potentially countering the impact of default up to five years old.
  • Quicker to establish a credit report: for individuals new to consumer credit, using 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 a 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

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 to share her knowledge with her readers.

Tammy covers and simplifies a range of financial topics, including how start-ups can raise capital and how established businesses can grow successfully. It is clear that she is firmly on the side of Australian small business owners.
Tammy keeps her fingers on the pulse of financial updates. Through her articles, she regularly shares the latest tips and traps around financial products such as business loans and credit cards. She also delivers her information in an easily consumable and interesting way.

Tammy is a keen advocate of promoting financial literacy. She aims to educate small business owners by providing financial insights into common financial problems that businesses face.

“More than anything, I am enthusiastic about using my experience to help Australian small business owners to achieve their financial and business goals,” she says.

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