What is Comprehensive Credit Reporting?

Never heard of Comprehensive Credit Reporting, or CCR? Have you checked your credit score recently? If not, now is the time to do exactly that! Why? Well, thanks to the recent rollout of Comprehensive Credit Reporting, your credit information will begin being shared with each of Australia’s credit bureaus.

12 October 2020

What does this mean for you and how can it help?

Let’s dive deep into CCR, answer some questions you may have, and examine its possible benefits.

Credit Report

What is Comprehensive Credit Reporting?

Also known as ‘positive reporting’, Comprehensive Credit Reporting refers to the sharing of additional credit information by Australia’s Credit Reporting Bodies, or CRBs.

This recent change provides licensed credit providers with access to comprehensive credit history information, allowing them to make better-informed lending decisions.

The beginnings of Comprehensive Credit Reporting (CCR) began in March of 2014 when amendments to the Privacy Act 1988 (1) took effect to allow for the inclusion of added credit history information in the credit files of Australians.

Until recently, however, CCR was optional and was only adopted by a limited number of financial providers. This changed in late 2017 as the Australian government announced CCR would be mandated.

Now, Australia’s licensed credit providers are required to have at least half of all positive consumer credit data “ready for reporting,” and they must have all of it ready by July 1, 2019.