What is comprehensive credit reporting?

By Angela Monroe - November 29, 2018

What is comprehensive credit reporting?

Often referred to as ‘positive credit reporting’, comprehensive credit reporting is something you may have heard of in recent months. But do you understand what it is? If not, you’re not alone – in fact, it was only mandated by the Australian government from the 1st July 2018.

If you have bad credit, it could be for a number of reasons. Whether your bad credit is due to previously unpaid loans, missed or late payments or an event such as bankruptcy, you’ll want to learn more about comprehensive credit reporting as a new way to credit check.

Learn more about lifting your credit reputation. Speak to Loans for People with Bad Credit today.

Understanding comprehensive credit reporting

Comprehensive credit report (CCR) gives lenders access to a deeper and potentially richer set of information which allows them to better, and more accurately, assess a borrower’s true credit position. This will also be used to assess their ability to pay back a loan.

Previously your credit reports may have been focused primarily on negative elements of your credit history (such as bankruptcies and defaults on loans) but CCR will see an increased amount of date and allow banks and lenders to share more of your data with a credit bureau.

For people with bad credit, this could mean a fairer way to credit check as lenders will be able to see a more overall view of your situation – understanding your circumstances and allowing them to provide you with the right credit.

Get familiar with CCR

If you have bad credit, it’ll really help you to be aware of CCR and what it might mean for you.

Did you know that since July 2018 the big four banks have been required to share 50% of your credit data within 90 days with credit bureaus? This is to be increased to 100% by 1 July 2019.

Potential changes with CCR

  • CCR will dramatically affect what is shown on your credit report and it could change the way that credit providers view you as a potential borrower.
  • CCR may mean your credit changes with the additional information.
  • CCR is likely to increase competition throughout financial markets – meaning better results for you as a borrower.

Additional information on your credit report

By using comprehensive credit reporting as a credit check, it’s likely that there will be much more positive credit behaviour reported through the data given to credit bureaus.

Here are some of the additional bits of information that will be added to your credit reports:

  • Type of credit account you hold
  • Dates of credit account being opened
  • Your current credit limits
  • Date of credit account being closed
  • Repayment history over a year period
  • Information about dates when defaults were paid in full

Checking your credit score

There’s good news for people with bad credit. With comprehensive credit reporting, it’s possible that your credit score may have increased so it’s worth checking your credit score through the usual methods to find out where you stand.

The benefits of CCR

Many other countries (including the UK and USA) use CCR so it’s great that Australia is finally welcoming the changes to how your credit is reported.

Some of the benefits to CCR include:

  • Positive elements of your credit history become available .
  • Your credit score could rise with CCR.
  • Competition between lenders will rise meaning better deals for borrowers.

Ask for Help

At Loans for People with Bad Credit we love to help people who are looking for loans with bad credit. We are happy to discuss the impact that Comprehensive Credit Reporting may have on your credit score and to help you find out how to make the most of this exciting new development.

Contact us today for expert advice from our team of brokers and benefit from our years of experience in the bad credit loan industry.

Angela Monroe
Angela Monroe is the Community Manager at The Positive Group, specialising in giving people the information that they need when they need it, and putting you on the path to a fair financial future. She has 8 years of experience in helping Australians find the right finance solutions, and regularly contributes articles to empower Australians with the knowledge they need to become financially healthy.


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