Comprehensive Credit Reporting

Credit reporting is a system that helps credit providers make an informed decision about a customer’s ability to manage debt. Credit providers, such as banks, non-banks and other lending institutions, share personal credit-related information about customers with credit reporting bodies, who then publish this information to the customer’s credit report. This credit report can be accessed by other credit providers when they run a credit check for that customer.

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The Australian credit reporting system has been in place since the late 1960s. Up until recently, this focused on negative information, which meant a person’s credit file only listed ‘bad’ credit events such as a default, bankruptcy or serious credit infringement.This has changed with Comprehensive Credit Reporting, which records both positive and negative credit behaviour to a person’s credit report.

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Today, there are strict rules about how your consumer credit-related personal information can be collected, used and disclosed for the purposes of credit reporting, as well as what types of organisations are able to access your credit report.

Credit providers include banks, non-banks, other lending institutions and utility providers who provide credit (such as a mobile network provider or electricity company).

Credit reporting bodies are independent organisations that securely report credit and personal information to credit providers to assist them in assessing an application for credit.

Comprehensive Credit Reporting (CCR) is an enhancement to Australia’s previous credit reporting system, where only negative information such as defaults and missed repayments could be seen on your credit report. With CCR, your credit report shows both positive and negative aspects of your credit history, providing credit providers with a more accurate and balanced assessment of your financial history.

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Additional information shared with CCR includes:

Repayment history of accounts such as credit cards, loans, and bills.

• Types of credit accounts opened including Buy Now Pay Later products.
• The name of the lender where you have applied for credit.
• The dates you've applied for, opened, and closed credit accounts.
• The current limits on your credit products.

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