For most, CCR is an acquisition tool that allows organisations to grow their lending books without increasing risk, or to maintain their current portfolio size while reducing risk. Far more than just an originations tool, CCR can benefit portfolios at every stage of the credit lifecycle. The truth is no consumer credit providers’ business strategy is complete without a holistic approach to CCR.
CCR holds the promise of something for everyone. Risk managers like CCR because they can more accurately manage risk in a portfolio. Technologists and operations teams like CCR as it supports automation. Disruptive players like CCR because they can introduce new risk-based priced products to the market. But the real winners from all of these are actually the end customers, consumers.
March 2015 marked 12 months since Comprehensive Credit Reporting (CCR) became a reality in Australia. Over the past year, we've seen the market begin to change and our predictions about CCR put to the test. Equifax is in a unique position to report back on the overall industry changes brought about by CCR. In the past, we theorised about who would be the first to participate and how they would approach their implementation. Now we can test those theories against what has actually transpired in Australia.
This document is intended to help a your helpdesk answer questions they may receive from your customers. It answers questions such as what customer data is shared with the bureau and how CCR data affects your customer credit reports, credit scores and alerts.
The completion of this questionnaire is a key step in your data supply journey. It will be used as a guide for future data supply workshops and helps Equifax understand what stage you are at and your overall intentions.
Once you have completed the questionnaire, an Equifax representative will be in touch to arrange a workshop.
All technical product documentation for Equifax Apply has been move to the Developer Centre: https://developercentre.equifax.com.au. This includes channel connection documentation, product guides, schemas, sample XML, test cases, and release notes.
For a long time, comprehensive credit reporting (CCR) has been a concept that was very much the domain of credit risk. This outlook is set to change as CCR is applied to business areas other than risk in order to grow revenues, reduce bad debt and improve customer experience. The 2012 market leading CCR pilot study by Veda (now Equifax), the largest of its kind, enabled Equifax to consider all critical factors and gain valuable insights relating to CCR in Australia.