What is Comprehensive Credit Reporting (CCR)?
Comprehensive Credit Reporting (CCR) changes the type of consumer credit information that can be collected by credit bureaus and used by credit providers when making a lending decision.
The Privacy Act 1988 (the Act), which is the legislation governing consumer credit reporting in Australia, was amended to introduce comprehensive credit reporting and came into effect on 12 March 2014.
Previously Australia had a negative only credit reporting system.
This meant consumer credit reports could only contain information such as credit enquiries, credit payment defaults and serious credit infringements.
A positive change
Under the new comprehensive credit reporting system positive data can also now be included on credit reports.
Positive data that can be included on credit reports includes:
- the date accounts were opened and closed;
- credit limits;
- types of credit accounts;
- as well as 24 months of repayment history.
Importantly, repayment history information can only be provided by and shared with licenced credit providers - this doesn’t include telco and utility companies.