We would like to update you on some important changes we have made to the way we report your credit information and the impact it may have on your credit report. These changes have taken place due to the introduction of ‘Comprehensive Credit Reporting’ (CCR), also known as positive credit reporting. CCR provides a more balanced view of your credit history.
What is credit report information used for?
Credit report information is used to help financial institutions assess your suitability for a range of credit products including, Credit Cards, Personal Loans, Home Loans and Overdrafts.
What has changed?
Previously, your credit report included information such as credit products applied for, defaults and other credit infringements and bankruptcies. CCR allows further information to be disclosed such as when you opened and closed an account, credit limits and your repayment history. If you are making repayments on time this will appear positively on your credit report.
CCR is being implemented across a number of financial institutions around Australia and these changes will allow a more accurate assessment on how you have managed your credit.
Where can I find more information?
More information on CCR can be found below. Further information can also be found on the CreditSmart website.