How Comprehensive Credit Reporting Will Boost Your Credit Score

Comprehensive Credit Reporting has improved the credit scores of many Australians since 1 July 2018. In fact, recent data show that almost half of Australians have improved their credit scores with the new reporting scheme.
But what is Comprehensive Credit Reporting and how can it boost your credit score?

What is Comprehensive Credit Reporting?

Also called positive credit reporting, Comprehensive Credit Reporting is a credit information reporting system that includes information not only for the times you have made late payments, defaulted on debts, and taken too many loan applications.
In CCR, positive information like your regular and on-time payments are also shared by lenders to credit bureaus.

Simply put, CCR “comprehensively” includes everything from bad to good in the credit history of the borrower, giving a clearer picture of the borrower’s finances.
The CCR regime started on 1 July 2018. This was when the Big Four Banks were mandated to share 50% of credit data to credit bureaus. This was increased to 100% by 1 July 2019.
Today, other credit providers are also sharing positive credit information, even though only the four major banks are required to.

How to Take Advantage of the CCR

The inclusion of positive credit information can provide context to bad credit info you may have. For instance, conditions related to your repayments are now included in the credit report.
And because positive information is now included, this means that you can affect your credit score by engaging in positive behaviour. Getting into the habit of paying your bills on time, for example, can go a long way.
Positive reporting allows lenders to make better lending decisions which can result in you getting better loan deals.
The table below shows the new information that your credit file additionally includes with the CCR.

Prior to CCR, Australians only have negative information listed on their credit report, but now with the CCR, positive credit data that will help boost credit scores are also included.
So are you planning a big purchase in the near future? Start building positive financial habits now. Call us today if you need help negotiating better deals. We’re committed to helping you save money, create real wealth, and reach your financial goals sooner. Contact us now.

For more inquiry you can visit ATO website.

We offer a 15-minute free consultation to discuss your tax, property investment and business needs. Book your complimentary consultation now.

Book Now

General Advice Warning
The material on this page and on this website has been prepared for general information purposes only and not as specific advice to any particular person. Any advice contained on this page and on this website is General Advice and does not take into account any person’s particular investment objectives, financial situation and particular needs.

Before making an investment decision based on this advice you should consider, with or without the assistance of a securities adviser, whether it is appropriate to your particular investment needs, objectives and financial circumstances. In addition, the examples provided on this page and on this website are for illustrative purposes only.

Although every effort has been made to verify the accuracy of the information contained on this page and on this website, Investax Group, its officers, representatives, employees, and agents disclaim all liability [except for any liability which by law cannot be excluded), for any error, inaccuracy in, or omission from the information contained in this website or any loss or damage suffered by any person directly or indirectly through relying on this information.