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What is Positive (Comprehensive) Credit Reporting? (CCR)


Also known as Comprehensive Credit Reporting (CCR), positive credit reporting is Australia’s new credit reporting system that makes it easier for lenders to make a comprehensive and balanced assessment of a borrower applicant’s credit history. The credit report now includes information about current accounts you hold, what accounts have been opened and closed, the date that you paid any default notices, and how well you meet your repayments.

What does it mean?

Comprehensive Credit Reporting means that a more complete picture of an individual’s credit profile can be held on their credit file.

People demonstrating good credit-based behaviour (such as repaying debt on time) will now see that reflected on their file and credit score. It will allow people to take greater control of how they can be perceived by potential lenders reviewing their credit file. It could allow people to recover more quickly from adverse situations or to establish a credit history more quickly.

As more credit providers opt in to Comprehensive Credit Reporting, it has never been more important to stay on top of your finances.

Tips to stay on top of the Comprehensive Credit Reporting are:

  • Consider setting up direct debits to help ensure bills are paid on time

  • Be careful about constantly switching credit card providers

  • Notify your credit providers of your new address when you move

  • Research thoroughly before applying for credit and only apply when you really need it

  • Protect yourself from fraud

Still unsure how all these changes may affect you?

Give us a call today to discuss further - Duy Tran 0433 590 621

*This is general information and does not take into account your own personal financial circumstances, objectives or needs. You should consider this information in light of your own personal circumstances before making any investment decisions.


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info@certifiedlending.com.au

PO BOX 5093

Cairnlea VIC 3023

0433 590 621

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©2016 CERTIFIED LENDING. CREDIT REPRESENTATIVE NUMBER 492562 IS AUTHORISED UNDER AUSTRALIAN CREDIT LICENCE NUMBER 389328.