There has been an important change to how credit is reported across numerous financial institutions in Australia – it’s called Comprehensive Credit Reporting (CCR). As this change may affect how you acquire lending in the future we wanted to touch on a few key points and let you know where you can find out more.
Your credit report is what helps determine your suitability for credit products such as a Home Loan, Credit Card or Personal Loan.
What is changing?
Your credit report may include additional consumer credit account information, such as the type of accounts you hold and up to 24 months of your repayment history. As such your credit report will represent a more balanced reflection of your credit history.
If you make your repayments on time these changes are likely to be good for you. Over time you can build up a strong credit record which will provide a more accurate assessment of how you manage credit. In turn, this helps us to continue meeting your needs whilst lending responsibly and ultimately helping to secure your financial well-being.