When beginning the transition to Comprehensive Credit Reporting (CCR), it can be difficult to choose where to start. This article outlines three approaches to implementing this change in your organisation.
Your customer data is one of your most valuable business assets.
The quality and breadth of data improvements is constantly improving under CCR. This is because credit providers now share positive information on a regular monthly cycle instead of negative data only on a sporadic basis.
This means credit providers participating in CCR confirm the identity details for each account every month when they submit repayment behaviour to the bureau.
For CUA, Australia’s largest member-owned financial services provider, deciding to implement CCR was in large part about paving the way for other mutual banks and member-owned financial institutions to do the same.
"Under CCR, we will know more about our customers’ credit histories and financial habits, and will be able to use that knowledge to help them make better credit decisions," said Scott North, CUA Chief Risk Officer.