Comprehensive Credit Reporting (CCR) Overview – What is this?

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) have supplied at least 50% of their personal credit accounts information to credit reporting bodies, with 100% of personal credit accounts information to be supplied by late September 2019.

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.

Information supplied

CCR information on home loans, personal loans and personal overdrafts will be shared with credit reporting bodies by around the end of September 2019. Personal credit card account information has been supplied.

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

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: EquifaxExperian, and Illion.


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

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.

How can we help you to approve your home loan?

Buying a property is the biggest financial decision most people will make in their lives, and that decision is only getting harder.

The last thing homebuyers need is the added hassle of applying for a loan without the knowledge, experience and service of someone who does it every day. When you know someone has the keys, wouldn’t it be best to use them?

Contact us today for more information about how we can help you get your foot in the property door.

Disclaimer: This article is generic in nature. All finance and investment decisions should be considered wisely and based on your personal and financial circumstances. Seek proper advice before committing to any course of investment action. This is not deemed as advice. To the extent permitted by law, 360 Expert Mortgage Solutions is a Business run by Shree Krishna Dhungana | ABN 45103859215 | Australian Credit Representative (467969) of BLSSA Pty Ltd ACN 117 651760 (Australian Credit License 391237), its related employees and contractors accepts no liability or responsibility to any persons for any loss which may be incurred or suffered as a result of acting on or refraining from acting as a result of anything contained in this publication.

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