Comprehensive Credit Reporting – what’s changing (and how it affects you)

You might’ve heard talk about Comprehensive Credit Reporting being a ‘thing’ in Australia. It sounds complicated (and let’s face it, probably a bit boring). So what is it, and how could  it affect you? And how can you get the most out of it so that you may be able to keep more money in your own pocket?

Comprehensive Credit Reporting  –  what it is and how it works

Credit reporting used to be about people doing ‘bad’ things (such as neglecting to make a payment). But with CCR, the ‘good’ things (such as when someone makes regular payments) are possibly starting to be fed into your credit history. CCR will help to build a more thorough picture of your credit information, which may make it easier for you to quickly build a credit file showing consistent repayment history, as well as showing when someone has recovered quickly after a negative event such as a default.

What’s changing  –  and how it may affect you

From this month, the major banks such as ANZ, CBA, Bankwest and Westpac will be following NAB’s lead and contributing more ‘positive’ information on your credit card accounts to credit reporting agencies such as illion, and this may affect your score. This is in addition to positive information that has previously been contributed by other credit providers that you may already have seen on your credit report.

This information may include:

–  Dates you opened and closed an account

–  Type of credit account you hold

–  Your credit limit (this will be reported and may be visible on your credit report)

–  Your monthly repayment history

How you can get the most out of Comprehensive Credit Reporting

CCR could be a good move for consumers, as it builds a more robust and detailed picture of your credit habits – basically, whether or not you’re a good customer when you’re using credit. It’s thought that overall, this will increase competition among the major lenders, making risk-based pricing more feasible, and consumers like you could stand to reap the benefits of a more competitive market. Here at New Vision Financial Services, we encourage Aussies like you to use their credit score to negotiate better deals, which may keep even more money in their own pockets and help them get ahead financially.

It’s a good idea to keep tabs on your credit score, you can subscribe to Equifax or Illion to ensure you are staying on top of your credit file and know whats happening with it.

To find out more call us on 1300 422 506.

chrisbrown1224

Managing Director – New Vision Financial Services & New Vision Real Estate After years in the banking, finance & commercial sector Chris noticed that the industry needed a company with a personal touch that offered their customers a complete solution. In 2015 New Vision Financial Services was created to allow our consultants to use their experience (including approving and structuring large complex commercial transactions through to basic home loans) and to concentrate on offering a personalised service to their clients. With the growth and success of New Vision Financial Services a decision was made in 2019 to launch New Vision Real Estate to provide an end to end solution for client weather they be first home buyers or seasoned investors. Chris has built a team at New Vision Financial Services and New Vision Real Estate that have access to over 70 different lenders, insurers, lawyers, accountants and financial planners giving you more flexibility when making a decision. We offer a full service Real Estate agency offering Sales, Leasing, New Developments, House & Land and Commercial. Call me anytime on 0433 181 544 or email chris@newvisionfinancial.com.au The team at New Vision Financial Services have access to over 70 different lenders, giving you more flexibility when making a decision. Our consultants have had extensive experience within the banking, financial and corporate sector. At New Vision Financial Services we specialise in finance lending for home, investment, business, commercial, asset, debtor and many other requirements. As New Vision Financial Services has progressed, we have developed strong relationships with professional service providers such as; Financial Planners, Accountants, Settlement Agents, Leasing & Equipment Providers, Debt Management Specialists and any more to allow our clients access to a complete suite of services.

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