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Guide to Comprehensive Credit Reporting

Your credit report now includes more data - find out what this means for your finances.

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Elizabeth Barry
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A change has come to credit reporting in Australia as of 1 July 2018. This change, called "Comprehensive Credit Reporting" (CCR), will see more positive credit data included on your credit report so lenders can have a clearer picture of your finances. The availability of more data means it's likely that your credit score will change.

This guide will take you through exactly what CCR is, the new data you will see on your report and how it will affect you.

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What is Comprehensive Credit Reporting (CCR)?

CCR is a system whereby lenders share more of your data with credit bureaus such as Equifax and Experian, which in turn will list it on your credit report. Prior to CCR, Australians mainly had negative information such as defaults and bankruptcies listed on their credit report, but with CCR additional information such as the type of credit we hold and whether we make payments on time are included.

These additional points of data allow lenders to make better lending decisions.

When is CCR coming into effect?

The majority of the mandated CCR deadlines have now past. By 28 September 2022, all currently legislated institutions will be required to provide comprehensive credit data.

Technically, CCR has been in place since March 2014. However, when it was first introduced the scheme was not mandatory and the banks were extremely sluggish on getting involved with the program. On 2 November 2017, Federal Treasurer Scott Morrison announced that participation in Comprehensive Credit Reporting will be mandated for the Big Four banks.

This means that as of 1 July 2018, the major banks were required to share 50% of your credit data with credit bureaus. This was increased to 100% by 1 July 2019. While only the four major banks (NAB, CommBank, Westpac and ANZ) are required to share this data, other credit providers will likely also share data within the same time frame to remain competitive.

Why did banks and lenders not voluntarily contribute positive credit data before?

Some lenders voluntarily contributed positive credit data; as of April 2017, Equifax reported that 24% of lenders were sharing data. However, this didn't include any of the major banks.

There were a few reasons for this. One was that the banks took a long time to prepare their systems to report data to credit reporting bureaus in public mode (some banks, such as NAB, had been sharing data privately).

Another reason was that the data the banks held was regarded as an asset and it allowed them to make lending decisions and curate product offerings to their own customers. If they shared this data their competitors would be able to do the same to their customers as well.

What new information will be in my credit file with CCR?

It's important to note that you may not see all of this information included in your credit report after 30 September 2019. Firstly, only the Big Four banks had to share their comprehensive data. The below list of comprehensive data can be expected to appear on your credit file as reported by the Big Four.

Credit informationBefore CCRAfter CCR
Credit inquiry informationYesYes
Credit type you applied forNoYes
Credit amount applied forNoYes
Date you opened your credit accountsNoYes
Credit accounts types you openedNoYes
Date you closed your credit accountNoYes
Maximum credit amount available for each accountNoYes
New and previous credit amountsNoYes
Conditions related to your repaymentNoYes
Credit providers names and if they have a credit licenceYesYes
Overdue consumer credit accounts detailsYesYes
Monthly repayments for the last two yearsNoYes
Default agreements detailsNoYes
Commercial credit applicationsYesYes
Overdue commercial credit account detailsYesYes

Will my credit score change?

Yes, it is likely your credit score will change.Data from Equifax has shown that generally, consumers with CCR data on their credit file will see improvements in their credit scores. Want to know what yours is? Just click the button below.

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How will CCR affect my mortgage application?

When lenders adopt CCR they can access a lot more information about your financial position and behaviour. This gives them more context around your finances, such as:

  • The nature of your debts and credits, including credit limits on your cards.
  • When your accounts were opened and closed.
  • Your repayment history, including whether you made minimum repayments only, and whether repayments were made on time or not.

Theoretically, more data means more accurate decisions. Comprehensive credit reporting will let you establish a good credit rating faster. It lets good borrowers prove they're reliable enough to get a mortgage.

If you're a diligent saver with few debts CCR will make it easier for you to get a loan. But if you have a troubled credit past it's much harder to hide it. This could result in your mortgage application getting rejected, or your lender charging you a higher rate instead.

Can comprehensive credit reporting help me get a lower interest rate on my home loan?

It's hard to say for the moment. Comprehensive credit reporting hasn't been widely adopted by the mortgage industry. But the theory is that CCR allows for risk-based pricing, which means higher rates or penalties for borrowers with poor credit and possible rate discounts for good borrowers.

Given how competitive the mortgage market is now it's highly likely that some lenders will innovate in terms of risk-base pricing. It's already a common practice in the personal loans market.

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    10 Responses

      Default Gravatar
      DarrellJune 20, 2019

      My credit score is very good according to your website however the bank says I have a bad credit rating. What does this mean?

      Reply
        Default Gravatar
        NikkiJune 20, 2019

        Hi Darrell,

        Thanks for getting in touch!

        You can find what constitutes a good/bad credit score. Lenders use your credit rating and your credit report to assess your application when you apply for a credit card or loan.

        Please note that lenders/banks have different eligibility criteria so the probability of being approved or not depends on how you match their own eligibility requirements. This is why it’s important to check those factors carefully before applying for a loan/credit card.

        I hope this helps! For any clarifications, feel free to message us again.

        Best,
        Nikki

        Reply
      Default Gravatar
      VickiOctober 24, 2018

      What is a negative data score on an Equifax report and what is it used for? Is the comprehensive score what banks look at?

      Reply
        Avatarfinder Customer Care
        JeniOctober 26, 2018Staff

        Hi Vicki,

        Thank you for getting in touch with Finder.

        Your Equifax score is a number between 0 and 1200. 0-509 is categorised as below average to average. Some of the factors that negatively impact your Experian credit score are credit enquiries, age of credit file, default information, court writs and more.

        Banks/lenders/credit providers are still looking at the info provided by the credit reporting bureaus such as Equifax or Experian. The Comprehensive Credit Reporting (CCR) is the system where these credit reporting bureaus collect the credit data they need which are from banks or financial providers.

        I hope this helps.

        Please feel free to reach out to us if you have any other enquiries.

        Thank you and have a wonderful day!

        Cheers,
        Jeni

        Reply
      Default Gravatar
      yakubMarch 11, 2018

      How i can fix my credit score and who can help?

      Reply
        Avatarfinder Customer Care
        JhezMarch 11, 2018Staff

        Hi Yakun,

        Thank you for your comment.

        Having a good credit history is important. So if you have bad credit and need to be fixed or repaired, kindly refer to our credit repair guide.

        You can also look for credit repair companies that will help you in your quest to repair your credit score.

        Regards,
        Jhezelyn

        Reply
      Default Gravatar
      [email protected]January 24, 2018

      Why is my credit score so low when I have no adverse information on my credit file

      Reply
        Avatarfinder Customer Care
        JoanneJanuary 27, 2018Staff

        Hi Jacob,

        Thanks for reaching out.

        Your credit score is calculated using the information on your credit file, so any good or bad information listed will affect it.

        Moreover, factors such as type of credit provider, size of credit requested, number of credit inquiries, age of credit file, personal details, and default information can take into account your risk as a borrower.

        If you feel that there may have been errors on your credit report, you may contact Equifax directly for clarification. Meanwhile, you can check this guide to get you started in correcting mistakes on your credit file.

        Cheers,
        Joanne

        Reply
      Default Gravatar
      LisaJanuary 24, 2018

      What is my credit score, please?

      Reply
        Avatarfinder Customer Care
        RenchJanuary 24, 2018Staff

        Hi,

        Thanks for your inquiry.

        To get your free credit score. Kindy complete the form by entering the details matching with your valid Australian driver’s licence.

        Best regards,
        Rench

        Reply
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