CCR State of the Industry Infographic - October 2017
As of October 2017, 27% of the retail credit market have supplied CCR data to Equifax. CCR is opening doors for many individuals by creating access to credit for those who previously had no credit history, and this number continues to grow. By having access to comprehensive data, lenders are able to better assess risk and meet responsible lending obligations, as they will have a more holistic and accurate view of a consumer’s creditworthiness.
Progress is being made in the transition to Comprehensive Credit Reporting, with Scott Morrison announcing on the 2nd November that the Turnbull government will legislate for a mandatory comprehensive reporting regime to be implemented in Australia by 1st July 2018. The ‘big 4’ banks will be the first to be mandated under this regime, and will be required to have 50% of their credit data ready to be shared by the 1st July 2018, increasing to 100% on the 1st July 2019. This creates a critical mass of participating lenders, whilst still enabling smaller lenders to develop their systems to ease their transition to CCR.
This infographic provides a pulse check on the industry’s transition to CCR, and reveals insights such as:
- How CCR uncovers lending relationships
- Credit Score Averages (Negative and Comprehensive)
- Growth Opportunities identified by CCR
- Data improvements with more regular CCR data loads
If you would like more information on how to prepare your business for the transition to CCR, please click here.