Common CCR Questions: Why aren’t all my credit accounts appearing on my file?
Here at Credit Savvy, we get asked a lot of questions and as part of the Common CCR Questions series, we’ll tackle a common question on credit accounts:
In November 2017, the Australian government announced that it would legislate for Comprehensive Credit Reporting (CCR) to come into effect by 1 July 2018.
As a Credit Savvy member, you might be looking at your credit report and thinking, “Why aren’t all my credit accounts appearing on my file?”
There are a few reasons why this might be the case.
It can take a while for credit accounts to show up on your file
Your credit account information doesn’t always appear on your credit file instantaneously. If you only recently applied and were approved for credit, it may just be a case of waiting for the reporting process to complete.
Not all credit providers report to Experian
Not all financial institutions and credit providers submit data to every credit reporting body (CRB). As a result, there may be instances where you know you have an open credit account, but it is not visible in your credit file.
CCR is rolling out gradually
The Australian government requires that the major banks have 50% of their CCR data ready for reporting by 1 July 2018, increasing to 100% a year later. The major banks have begun rolling out CCR data for unsecured credit accounts such as credit cards and personal loans, with home loans data expecting to roll out in 2019.
Remember, CCR is an opt-in system and not all lenders will choose to share this information with the CRBs, so you may see information from some providers but not others.
Only certain credit providers can report your account information and repayment history
Only payments to credit providers that hold an Australian Credit Licence can be included in your credit report. The most common types of credit products that will be included will be home loans, personal loans, and credit cards. Information about missed payments for your electricity, gas, water, mobile phone and internet cannot be included in your credit report.
If you haven’t yet, sign up for your free credit score at Credit Savvy and visit our Learning Hub for the latest news and tips regarding CCR.