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).
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.
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.
For the purposes of this paper, Portfolio Management is defined as credit risk management activities for individual accounts in the latter three stages of the credit risk life cycle: current account management, collections and recoveries.
As of October 2016, 62% of Australians were credit active. This infographic highlights trends in traditional negative reporting while CCR data is building such as:
Attributes of the credit active population
Types of credit activity including enquiries by industry and account type
CCR is the most significant changes in the history of credit reporting in Australia. The industry is progressing well. We now have 13 organisations and 30+ portfolios contributing to our bureau and expect consumption to start to gear up during 2017. What was once 70 million records on the consumer bureau has already tripled with CCR and is continuously building.
CCR is better for all and good for our economy because it is:
