Comprehensive Credit Reporting
Credit reporting is changing for the positive. For a long time, Australia had operated on a negative credit reporting basis, which meant only bad loan conduct would reflect in your credit history. New laws require major lenders to report more thorough information about how borrowers repay their loans, credit cards and overdrafts. These new laws are a federal government initiative called Comprehensive Credit Reporting (CCR).
MOVE Bank is now a participant of CCR and can now access and share more information on a borrower's credit history with other lenders. So next time you apply for a loan with MOVE you will notice that you may be asked for less information to support your loan.
The CCR currently only includes lenders, however in the future it will be extended to include utilities and telcos to create a more complete picture of an individual’s credit history and financial obligations.
What does this mean for me?
With the introduction of CCR, your regular loan repayments will now be recognised to improve your credit score. So it is more important than ever that you make your repayments on time. If you are finding it hard to make repayments or are experiencing financial hardship, please contact us as soon as possible.
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 any approved limits
› 24 months of repayment history
Over time, your credit report will provide a more accurate assessment of how you manage credit. This helps lenders make better, fairer credit decisions as more history will be available. It should also make it easier to apply for credit, as lenders won’t need to seek as many supporting documents. A positive change.
Learn more about Comprehensive Credit Reporting
If you want to read more about Comprehensive Credit Reporting, please visit our guide at:movebank.com.au/ccr
MIA: Live chat with MOVE Bank
We are excited to announce that we have expanded the live chat functionality on our website to better serve our members.
While MIA, our automated chatbot assistant is available 24/7, during business hours she will be supported by our front-line team, allowing you to message live with a team member about your general banking enquiries.
Our online chat function is designed to provide another channel for members to get in touch with MOVE, as we understand that our members have a broad range of communication preferences. To get started, visit: movebank.com.au/chat