Changes to Comprehensive Credit Reporting (CCR) mean that any credit or debt you have with one of Australia’s Big Four banks will soon be visible to other Australian credit providers.
Until now, all lenders could see were applications for credit, defaults and bankruptcies.
NAB, Westpac, Commonwealth Bank and ANZ have already started sharing their customer credit information with Australia’s three Credit Reporting Bureaus (CRBs), and will complete this sharing of data by September this year.
Lenders will be able to see all your:
– loan balances (car finance, store loans, mortgages and personal loans)
– credit card limits
– missed repayments (last two years)
– late repayments (last two years)
– credit limit breaches (last two years)
– applications for credit
– credit defaults
Many non-Big Four lenders are also voluntarily sharing various types of data with CRBs.
As a result, your credit history has never been more important, as access to loans in the future will be impacted by all the above information.
We have already found some clients who have credit facilities they didn’t know they had. This is particularly common with interest-free loans taken out at retail shops. Many of these debts are paid down to $0, but not have not been closed.
If you would like a FREE copy of your own credit report, please click this link to see if you are eligible. You will need your Driver Licence number and your Medicare card to participate.
As always, if you have any questions please give me a call or send me an email. I am here to help.