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.
With any business change, preparation is key. Read on for tips on how to prepare your business for the transition to Comprehensive Credit Reporting (CCR).
As of October 2016, 26% of the retail credit market supplied CCR data to Equifax. This infographic provides a pulse check on the industry’s transition to CCR.
CCR is creating a paradigm shift in risk analysis. The result is that all lenders, including telcos and utilities, are beginning to reap the benefits of a positive reporting environment.
Telcos and utilities companies are in a unique position to take advantage of more insights because often these products are the first purchased by those who are newest to credit.
Business growth
More information on these customers can only improve opportunities.
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.
