Comprehensive Credit Reporting (CCR) is a proposed legislative change to credit reporting by large banks in Australia
Today your credit report may include information like when you applied for credit products and any significantly overdue accounts or defaults you’ve had.
With CCR your credit report will include additional information like the dates you opened and closed your personal credit account, account type, credit limits you have and up to 24 months of repayment history.
CCR enables credit providers to obtain a more comprehensive view of your financial situation to better meet responsible lending obligations.
If the bill passes, the four major banks, CommBank, ANZ, NAB and Westpac (plus lenders owned by them) will have until 28 September 2018 to supply at least 50% of their personal credit accounts information to credit reporting bodies, with 100% of personal credit accounts information to be supplied by late September 2019. Some lenders have already started to supply data.
Whether CCR becomes legislation or not, CommBank will still participate in CCR. We’ll be providing personal credit cards information first, with home loans, personal loans and overdraft information by around the end of September 2019.