What Is Comprehensive Credit Reporting? A Complete Guide

Comprehensive credit reporting (CCR) became fully mandatory in Australia for Big Four Banks from July 2018, which means they would use a larger magnifying glass to pry into your credit history.

This mandatory credit reporting regime has been passed by both houses of parliament on February 2021 with a few amendments and is expected to come into effect from July 2021.

There are both winners and losers when it comes to home loan approval – which side are you on?

What is comprehensive credit reporting?

Prior to the introduction of comprehensive credit reporting (CCR), Australia effectively operated under a “negative” credit reporting environment.

Which essentially meant only adverse credit events such as defaults and judgements showed up on your credit file.

However, with the implementation of CCR, banks are now required to share more information about the type of credit products you hold and your repayment history to credit reporting bureaus.

As a result, it provides a more complete and holistic picture of your credit history.

What new information is shared under the CCR?

New information that is shared with the credit reporting bureaus under positive credit reporting are:

  • The credit type and loan amount you applied for, previously it only showed up as a credit enquiry.
  • The nature of the credit account – Personal loan, home loan, overdraft or credit card.
  • The financial institution where the account is held – NAB, Westpac etc.
  • Maximum credit amount available for each account.
  • The date a credit account is opened and closed.
  • New and previous credit amounts.
  • 24 months account payment history: Monthly repayment history will reflect whether you paid the minimum amount required on your financial commitments each month or not.
  • Conditions related to your repayment.
  • Default agreement details

A “default” is listed, if your payment is late by 60 days or more and for amounts you owe that are over $150 (previously the amount was $100). It will still remain on your file for 5 years.

In addition, repayment history data can only be provided by and shared with licensed credit providers, so your information does not include telephone and utility accounts.

Call us today on 1300 889 743 or fill in our free assessment form, to find out how to use positive credit reporting to benefit you.

Can lenders see this new data on my credit file?


The new information is reflected in your credit report including your Equifax Score (previously VedaScore).

Depending on the lender and the weighting they give to the Equifax Score, it also influences the way banks credit score.

Read our guide on credit scoring to discover how a credit score can make or break your application.

How is CCR reflected in my credit file?

You will find a lot of this new information, including your 24-month repayment history, under the heading ‘Consumer Credit Liability Information’.

If you have multiple accounts with the one lender, a separate table will appear for each account.

How much has comprehensive credit reporting impacted my credit score?

Everyone’s credit file is different, and its impact will be different for everyone.

According to an analysis by Credit Simple (Illion) of Australians with positive NAB data on their file – 52% saw their credit score increase. Meanwhile, 45% of credit scores fell, and 3% remained unchanged.

The median increase was of 35 points in their credit scores, while the typical decrease was 72 points.

This is consistent with other countries who’ve had this system for a while now. For example, in New Zealand where CCR was formally introduced in 2012, Kiwis saw that their credit scores were on average 100 points higher than before.

In another 2019 study by Experian, there has been a consistent increase in credit scores of Australians aged 25-34 years old since CCR was rolled out. However, despite being the most impacted age group, they are also the least aware.

The study also found that close to half (48%) of Australians surveyed were still unaware that credit providers in Australia were sharing more personal financial data than ever before.

Importance of prompt repayments

Did you know following the introduction of comprehensive credit reporting, your credit score can drop by 22% following just one missed credit card repayment? – even if you’ve never missed any credit card repayments before this, according to a report by Experian.

This drop increases to 26% with two missed credit card repayments, and a staggering 42% for those with three or more missed credit card repayments within three months.

Under positive credit reporting, payments of any amount that is more than 2 weeks overdue are listed as late on your repayment history information.

This is known as the 14-day ‘grace period’.

Tip: If you’re able to pay the late payment within the grace period, there will be no late payments recorded on your credit file.

How to get a free copy of your credit report?

To get a free copy of your credit report, contact one of the three credit reporting bureaus directly.

They are:

  • Equifax (previously Veda Advantage): 138 332
  • Illion (formerly Dun & Bradstreet): 1300 783 684
  • Experian Australia Credit Services: 1300 734 806

You’re entitled to a free credit report within ten days of the request:

  • Once every 12 months;
  • If your credit application was declined. You must request a copy within 90 days from the date your application was declined; or
  • If you’ve lodged a correction request and has been advised that your credit report has been fixed.

As mortgage brokers, we can access your credit file without leaving a credit enquiry on your file.

Comprehensive credit reporting – Undisclosed debts

The major banks have started using the comprehensive credit reporting information provided on a borrower’s credit report to assist with the home loan application process, specifically in relation to undisclosed debts.

Basically, the banks are cross-checking this new information against loan applications to see if there are other financial institutions where credit card, overdraft, personal and home loan accounts:

  • have not been listed on the statement of position for a loan application; or
  • have limits or amounts owing that are misrepresented on the statement of position.

When applying for a home loan:

  • If there’s an undisclosed account that will be paid out with the proceeds of the loan being applied for – provide the necessary documentation and note it accordingly in your application.
  • If an incorrect credit limit is present on your credit report – obtain evidence of the correct amount such as your current account statement.
  • If an incorrect loan (personal loan/ home loan) amount is present – obtain evidence of the correct amount such as your home loan or personal account statement.

How will positive reporting help me qualify for a home loan?

Positive credit behaviour can help negate bad behaviour because it highlights both good and bad credit behaviour:

  • Quicker to establish a credit report: This is great for first home buyers or new migrants to Australia that needs to build their credit profile before applying for a home loan.
  • More balanced system for everyone: It rewards the good and gives people who have had credit problems in the past a second chance.
  • Access to better home loan deals: Australians who previously fell into the “bad credit” category now have the chance to get a better interest rate.
  • Cut down on application time: Positive credit reporting reduces the number of paperwork applicants needs to provide because lenders can collect this information from the credit bureau.

CCR allows you to recover faster from financial adversity and rebuild your credit profile.

How can CCR work against you?

Depending on the lender you apply with and the amount that you borrow, your Equifax Score can be dragged down by positive credit reporting.


For example, if you only have a small amount of debt but you’re not keeping up with your repayments, a greater consideration will be given to your Equifax Score when borrowing at a higher loan to value ratio (LVR), which is typically anything over 90% of the property value.

Under the new rules, you’re hit on two fronts by being flagged for multiple credit enquiries and an unreliable repayment history, dragging your Equifax Score down even lower.

Any credit limit increases you apply for are now also included in your credit history, suggesting that you are having trouble managing your finances.

What hasn’t changed?

The following information will still be recorded on your credit file and have an impact on your Equifax Score:

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