Repayment history information and Comprehensive Credit Reporting (CCR)
Comprehensive Credit Reporting allows your repayment history for your credit accounts to be included on your credit file.
Repayment history information includes:
- Repayment history for credit accounts such as credit cards, home loans and personal loans
- Whether you have made a payment or minimum payment required
- Whether the repayment was made on time or not
Your repayment history is stored on your credit file for two years.
Only your repayment history from licenced credit providers who hold an Australian Credit Licence can be recorded. This includes banks, credit unions and other licensed credit providers but not telecommunication or utilities companies.
The inclusion of your repayment history and your account information means that a more complete picture of your credit profile can be held on your credit file. This can have both its advantages and disadvantages depending on your credit behaviour.
People demonstrating good credit-based behaviour (such as repaying debt on time) should see that reflected on their file and credit score. This will allow people to take greater control of how they can be perceived by potential lenders who are reviewing their credit file. It can also allow people to recover more quickly from adverse situations or to establish a credit history more quickly.
On the other side, missing or making late repayments can start to impact your credit score and file, especially if a pattern of missed repayments begins to appear. With Comprehensive Credit Reporting in effect it is more important than ever to ensure bills are paid on time.
These changes first came into effect in March 2014, when the Privacy Act 1988 was amended to introduce Comprehensive Credit Reporting (CCR) but it was a voluntary opt-in system and few lenders did. In late 2017 the Australian government announced it was mandating CCR. The requirement is that licensed credit providers have at least 50% of their positive consumer credit data “ready for reporting” by the 1st of July 2018. They will then be required to have all of it ready a year later.
This means that the additional information may not appear on your credit file if your credit provider is not yet sharing this information with credit reporting bodies.
You can contact your credit provider if you are unsure whether they have adopted Comprehensive Credit Reporting or if you want more information about their credit reporting practices.