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With immediate access to available CCR data, brokers are already in a position to offer better terms for their clients.
Repayment History Information can provide a deeper insight into an individual's serviceability, helping brokers to match them to a suitable lender and loan quickly and take them out of the market sooner.
CCR provides brokers an opportunity to address customer pain points and offer more informed advice, helping the industry rebuild and strengthen relationships with customers.
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.
CCR data will reveal a whole lot more for brokers, impacting the way they engage and service their customers.
As of October 2017, 27% of the retail credit market have supplied CCR data to Equifax. This infographic provides a pulse check on the industry’s transition to CCR.
Adverse selection will become a reality with the increase in consumption and supply of CCR data - but what exactly is it?
Negative data alone does not always provide the complete picture of an individual's creditworthiness. Utilising bureau data can help lenders better manage risk and improve customer experience.
As of April 2017, the percentage of CCR loaded accounts increased to 27% - the first increase since early 2016.
As we progress on the transition to Comprehensive Credit Reporting (CCR), there are learnings from other markets we can use to help us on our own journey.
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