You may have heard something about Comprehensive Credit Reporting (or CCR) by now. We’ve certainly been going on about it a bit. But you may be wondering, “Yeah, yeah, but what does it mean for me and what does it mean for my credit score?”

Well, read on, we’ll keep it brief.


So, what is CCR?

Basically, CCR means more information will be on your credit file, including:

  • Credit accounts you have open (or recently closed)
  • The type of account(s)
  • When you opened (and closed) them
  • The credit limit(s)
  • Up to 2 years of repayment history (whether you have met your monthly repayments)


What does it mean for me and my score?

Well your score is based on the information in your file. More information means your score will take that into account. This new information is likely to change more frequently and hence so will your score.

It also means that you can actively improve your score through making repayments and demonstrating good credit behaviour! 


What do I need to do?

  • Make sure you are meeting at least your minimum monthly repayments
  • Make sure you check and monitor your score regularly
  • Check your credit file information for errors

You can read further in our article on how to get ready for Comprehensive Credit Reporting.


When is all this happening?


Some providers have already started providing this information for credit cards, including NAB, Citibank and HSBC.

CBA, Westpac and ANZ are expected to commence in the 2nd half of September.

Other credit providers are then anticipated to follow over the coming year and the Big Four Banks will also be adding other credit product information (like home loans) too.


So, there you have it. If you haven’t already then get your Experian credit score and credit report summary with Credit Savvy.

Oh, and please share this information with your friends.