What is CCR and how will it affect you?


comprehensive credit reporting

Earlier this year Treasurer Scott Morison and the government announced that from the 1st of July 2018 mandatory comprehensive credit reporting (CCR) will be rolled out. Starting with the big 4 banks, financial institutions will now be required to share data that provides a more holistic view on a loan candidate.

To compliment defaults, these institutions will now provide information in relation to when debts were paid back, accounts that you may have previously opened and how well you meet repayments, providing more context than ever into your historical financial decision making.

For a loan candidate, greater transparency means a greater chance at being approved and hopefully for some, more of an opportunity to get into the already difficulty housing market.

Credit Report

So, how does this effect you?


This information gives lenders the ability to better understand the risk involved in your application and it therefore provides an opportunity for those who may on face value have been knocked back completely or offered an unrealistic interest rate, to enter the market.

There will also be an increase to the minimum default amount, rising from $100 to $150, resulting in fewer defaults being highlighted in your credit report.

Credit Reporting

What can you do in the meantime to improve your credit rating?


Setting up direct debt payments where possible is a great way to easily boost your credit rating. As both good and bad credit behaviour will now be shared with lenders, setting up automatic debits is a good way to show that you make payments in a timely manner.

Checking your credit history is free and a great way to see where you sit. The report will list information provided to lenders and will give you an opportunity to see where you may fall short.

Want to find out more about CRR and how to improve your credit rating? Get in touch with a Shore Financial Broker today.

Get in touch with Shore Financial today and maximise your opportunity through property!


  • Levels 3 & 4, 153 Walker Street
    North Sydney, 2060

  • 1300 416 700

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