What is Positive or Comprehensive Credit Reporting (CCR)?
CCR is Australia’s new credit reporting system. CCR is making it easier for lenders to make comprehensive and balanced assessments of a borrower’s credit history. It has recently been implemented and is being put into place by July/August 2018. The credit report now includes information regarding the current accounts, what accounts have been opened/closed, the date you paid any defaults and how well you meet your repayments.
Customers can use their positive credit reporting as leverage when looking for a loan of any sort. It will make it easier for customers to show they’ve recovered after a negative event such as a default. It is being slowly implemented as we speak. I should be up and running in all lenders around Australia by 2019.
More than ever, it is really important that you pay your loan repayments and bills on time. Due to CCR this will now impact your credit report. So no more one or two days late on a credit card repayment, pay it early or on the due date!
If you’ve got any questions, please do not hesitate to give Fiona a call on 0412411823!
Disclaimer: Your full financial needs and requirements need to be assessed prior to any offer or acceptance of a loan product