Comprehensive credit reporting is already here
As part of the comprehensive credit reporting (CCR) system that came into effect with the Privacy Act changes in March 2014, lenders will be able to see more information about you when you apply for credit.
The new categories of information included in your credit file include repayment history information and specific information about credit products already held such as the type of credit, who it is with and the credit limit.
The inclusion of this ‘positive’ information will mean that credit providers have access to richer information about your credit. It also means that credit scores and credit file information can change far more frequently as new information is added.
If you want to read further on credit score and how CCR can impact your next credit application, download the latest ‘Know the score’ whitepaper published by our partner, Experian, one of Australia’s national credit reporting bodies to learn more today.
Remember, it will take some time before all lenders switch over to this comprehensive reporting model, but Credit Savvy can help you get ready now.