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The federal government is set to mandate Positive [Comprehensive] Credit Reporting (CCR) by the middle of 2018. Treasurer Scott Morrison says this will increase the availability of credit and help borrowers negotiate lower interest rates.

What is Positive Credit Reporting?

Previously, Banks based their assessments of a borrowing applicant solely on whether the applicant had any negative marks recorded on their credit history.

Moving forward, Comprehensive Credit Reporting will include Positive information including whether you regularly make your payments on-time. This will help lenders to form a more balanced assessment of your credit history.

The credit report now includes information about current accounts you hold (credit cards or loan), what accounts have been opened and closed, the date that you paid any default notices, and how well you meet your repayments.

What information is listed on a Credit Report?

  • Personal details – name, date of birth, current and past addresses, employment, driver’s licence number and any joint applicants.
  • Credit cards – accounts you hold.
  • Arrears brought up to date – debts unpaid and overdue and have now been paid or settled.
  • Defaults and credit infringements – utility bills or loan payments which are 60 days or more overdue and where debt collection activity has started.
  • Credit applications – any credit you’ve applied for including loans you have been the guarantor on.
  • Debt agreements – bankruptcies, court judgements, debt agreements or personal insolvency agreements in your name.
  • Repayment history – on credit accounts and loans

A credit provider may only report your debt if:

  • The default amount is $150 or more
  • You’re a ‘confirmed missing debtor’ or more than 59 days have passed since the due date for payment, and
  • The creditor has asked you to pay the debt either in person (by phone call) or in writing.