What's changing?

Comprehensive Credit Reporting (CCR) is a change to credit reporting by some credit providers in Australia

Previously, your credit report may have included information like when you applied for credit products and any defaults you’ve had.

With CCR your credit report includes 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. The four major banks, CommBank, ANZ, NAB and Westpac (plus lenders owned by them) currently supply 100% of their personal credit accounts information to credit reporting bodies. 

CommBank is participating in CCR as it is part of legislation. We provide personal credit cards information, home loans, personal loans and personal overdraft information to the credit reporting bodies. 

How credit reporting works

What’s a credit report?

A credit report provides information about your credit history to credit providers (e.g. a bank), to help them determine your suitability for certain products.

Credit reports are provided by credit reporting bodies (CRB) who collect and share credit information with credit providers in line with privacy laws. 

What’s a credit score?

Credit reporting bodies (CRB), also known as credit bureaux, calculate a credit score to provide an indication of how likely you are to pay back the money you owe to a credit provider.

The higher your score, the more likely you are to pay back a loan. Each CRB may use a different scoring method to calculate your credit score.  

CommBank gives your information to three credit reporting bodies: Equifax, Experian, and Illion.

Information supplied

CCR information on home loans, personal loans, personal overdrafts and personal credit card information have been shared with credit reporting bodies.

The information includes:

  • Account identification information
  • Type of personal credit you have 
  • If and when you’ve made your repayments, with up to 24 months of repayment history
  • The dates you opened and closed your personal credit account
  • The credit limits you currently have

Getting a copy of your report

To get a copy of your credit report, you’ll need to contact the credit reporting bodies:

Your credit report changes over time and the CRBs will have the most up-to-date information. You’re entitled to one free copy from each CRB every year.

The Bank can only provide you a copy of the credit report we obtained at the time of your most recent application. This may not show changes in your credit report since you last applied for credit with us.

View a Sample Credit Report from CreditSmart

Understanding a Credit Report

What it means for you

On time payments reflect positively on your credit report

Your credit report will include repayment history information (RHI) and if you made a payment on time, late or missed a payment on a credit product. Making at least the minimum repayments on time should positively impact your credit score.

RHI may be used to assess your application for credit products when you apply for credit. It’s more important than ever to make repayments on time.

To avoid missing a payment, consider setting up direct debit (such as AutoPay for credit cards). This should help you to avoid missing a payment.

Set up AutoPay

Your rights to access credit information

You can access credit information a bank holds about you and request to amend any incorrect information at the time of application.

You can also ask another credit provider to correct your credit report, but it’s usually faster for you to go directly to the CRB or credit provider that listed the information.

Other rights related to CCR data

Direct marketing - Personal information in your credit report cannot be used by a credit reporting body (CRB) or a credit provider for direct marketing. But credit providers can ask credit reporting bodies to use your credit information to pre-screen you for direct marketing purposes. You can tell a credit reporting body not to do this. 

Preventing identity fraud - If you think you have been a victim of fraud (e.g. if someone else may be using your name to apply for credit) or have transactions you don’t recognise you should contact CommBank. You can also inform the credit reporting body that you are a victim of fraud and not to use or give anyone your credit information.

You can also read our Privacy Policy or visit Credit Smart for consumer education on CCR.

Late or missed payments?

Missed and late payments may impact your score

Your credit report will show whether you missed or made a late payment. Repayment history information shows if you have made your repayments on time. There is a 14 day grace period on repayments. CommBank calculates grace days as calendar days, regardless of weekends or holidays.  So if you’re late making a payment after the grace period, it may be recorded on your credit report.   

How late and missed payments impact your credit score is determined by each credit reporting body. 

Keep in mind that any payments past their due date will be charged a late fee.

Making the minimum monthly repayment

If you missed a payment, it may be recorded as missed on your credit report. For a credit card, you need to make at least the minimum repayment to make sure your repayment history information shows that you’ve paid on time. 

Your account statement will show when your repayment is due and when the payment you made was received by us. If the payment was received by us on or before the due date, the payment will be shown on your credit report as being paid on time. 

How long does my repayment history last?

When assessing a credit application, we may look at how you’ve made repayments over the last 24 months.

If you’ve missed a few payments in the past, your credit history won’t be impacted forever because repayment history information is only on your credit report for 24 months. 

Each time you make your required minimum repayment, this will have a positive impact on your credit report. Your credit score may be improved by getting back on track with your minimum repayments. 

Useful tips to help you achieve your future financial goals

This guide is designed to help you understand some of the common reasons we don’t progress with a home loan application. We’ve included some useful tips to help you achieve your future financial goals.

Application Outcome Guide

Do you need financial assistance? 

We understand that managing payments can be difficult and there may be a number of reasons you may not be able to make your payments.

If your financial situation changes and you are worried that you will not be able to make your repayments on time, it’s essential you contact us straight away. We have a range of ways that we may be able to help you.

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