Comprehensive Credit Reporting (CCR) or ‘positive reporting’ refers to additional information being provided to, and held by, Credit Reporting Bodies (CRBs) in Australia. This came into effect on July 1st 2018. This is intended to allow lenders to better assess risk using a fuller picture on potential borrowers’ credit history.
CCR is a significant step in ensuring that customers with good repayment history get advantage of lower interest rates. Until now your credit report would hold negative information (such as defaults, judgements etc.) only this meant that any potential lender had no way to ascertain if you pay your debts on time. CCR aims to fix this problem.
What does this mean for you?
This means that now more than ever it is important for you to ensure all your bills (credit card repayments, personal loan, car loan, home loan etc.) is paid on time as this may impact your ability to get a good deal on future credit.
Some of the things to consider to take advantage of the new changes are
- Consider setting up a direct debit to help ensure bills are paid on time
- Try and limit switching of credit providers
- Notify your credit providers if you change house / email to ensure that you get your bills on time
- Research before applying for credit and only apply when you really need it
Car Beagle has experienced finance brokers who will assist you navigating the complex world of credit and will take the time to answer any questions you may have re your credit file. We may be able to access your credit file without leaving a mark on it to search for the best deal for you without having multiple inquiries on your credit file.
So take the stress out when applying for credit and get in touch with the team and let us help you realising your dreams.