Is this reasonable or in line with other nations? With the previous negative credit reporting, which was based around only making a note of negative credit events and the new positive credit reporting, lenders are able to better assess the risk of an application having access to the full picture of an individuals credit history. With the new comprehensive credit reporting system, positive data is now able to be included in the credit report which means details such as the below can be included: If there have been credit infringements, overdue debts, defaults, bankruptcy, or court judgements, this was also recorded. A credit report could include details of past registered addresses where an individual lived, employment history and any directorships.
home loan, credit card, personal loans) but not whether the application was approved or not. Prior to this change, consumer credit reports only provided information associated with credit enquiries (e.g. Now as of 1 July 2018, recording positive credit information on credit histories is mandatory for all credit providers. It falls under the Privacy Act 1988 and was amended on 12 March 2014. Legislation in Australia has been amended to permit a new type of credit reporting.
What is Comprehensive Credit Reporting (CCR)?Ĭomprehensive credit reporting (CCR) permits the collection of specific consumer credit information so that it can be used by credit providers when making a lending decision. What is Comprehensive Credit Reporting CCR? By Stephen Ford | July 18, 2019
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