New laws soon require all financial institutions to start reporting information about how members repay their loans, credit cards and overdrafts.
These new laws are a federal government initiative called Comprehensive Credit Reporting (CCR), which increase the amount of information financial institutions are required to share with credit reporting bodies.
What does this change mean for me?
Previously your credit report included information such as applications for credit products (loans, credit cards, overdrafts), and any overdue accounts or defaults you have had in the past.
The introduction of CCR means your credit report could include additional information such as:
- The date you opened your credit account
- The type of credit account and it’s limit
- 24 months of repayment history
What are the benefits of CCR?
Over time, your credit report will provide a more accurate assessment of how you manage credit. This helps financial institutions make better, fairer lending decisions as more credit history will be available.
Do I need to do anything?
You do not need to do anything. However, it is more important than ever that you make your repayments on time, as late payment information may appear on your credit report. For more information, please visit: movebank.com.au/comprehensive-credit-reporting.
We’ve expanded the definition of credit information to include: