When you apply for credit in Australia, the credit provider will usually ask for your permission to obtain and access the information on your credit report. The information helps them determine if you can manage to repay the loan and process a decision to approve your application.
Comprehensive Credit Reporting (CCR) makes it easier for lenders to make a more comprehensive assessment of your credit history when you apply for credit. CCR allows for the inclusion of additional information on your credit report which may include the following:
|Repayment history of credit accounts such as credit cards, home loans and personal loans|
|Type of credit account opened||The date the credit account was opened and / or closed|
|The name of the credit provider||The current limit on the credit account|
There are new laws expected to be introduced in 2018, that if passed, will make it a requirement for Commonwealth Bank, Westpac, ANZ and NAB to share this data. Supply of CCR data will continue to be optional for all other credit providers.
CCR information may not appear on your credit file if your credit provider is not yet sharing this information with us.
Changes to information on your credit report may be reflected in your score. As Australia moves towards CCR, your credit score may change to reflect this additional information. These changes could be reflected as an increase or decrease to your score depending on the changes to your information.
Experian is a proud supporter of the Australian Retail Credit Association (ARCA) industry initiative CreditSmart. This informative website was developed by credit experts to help you understand how credit reporting operates in Australia as well as empower you to understand how your credit choices affect the information that credit providers can access and how you can view and control that information.