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Equifax - Comprehensive Credit Reporting

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Article

As of July 2018, 40% of the retail credit market have supplied Comprehensive Credit Reporting (CCR) data to Equifax.

This infographic breaks down the attributes and benefits of data supplied to date.

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As of July 2018, 15.3 million Australians are credit active. This infographic highlights trends in traditional negative reporting while CCR data is building such as:

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CCR data will reveal a whole lot more for brokers, impacting the way they engage and service their customers.

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Being prepared for your transition to CCR is essential.

Why CCR?

Comprehensive Credit Reporting (CCR) allows lenders to make better decisions that benefit and protect both their business and their customers.

Increase your applicant pool. CCR reveals additional pockets of lower risk customers and creates positive credit history for individuals who previously had none.

Differentiate your product. CCR helps you segment the 90+% of the market with no adverse and get the right customers in the door at the right price.

Lead with customer service. CCR empowers consumers with higher credit risk scores to negotiate better rates, reduces time to decision, and improves ongoing treatment.

Reduce wasted efforts. CCR creates more scoreable customers, reduces the need for manual reviews, and improves ROI on collections by distinguishing lazy payers from those struggling.

40% - The percentage of open financial services  accounts that have loaded CCR data to Equifax’s bureau.

Implementing CCR

 

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