What is comprehensive credit reporting?
What is Comprehensive Credit Reporting (CCR)?
Comprehensive Credit Reporting (CCR) is a credit reporting system where lenders share consumer credit information (positive and negative) with credit reporting bodies.
Information is collated from lenders and is detailed in the individual’s credit report. This enables lenders to access comprehensive information about a potential borrower’s credit history so they can make more informed decisions when assessing credit applications.
Benefits of CCR include:
- Lenders can make more informed decisions based on a comprehensive view of an applicant’s credit history.
- Generally, CCR has removed the requirement to provide loan statements for home loans being refinanced.
Repayment history information (RHI)
The credit report will provide the repayment history information from the past 24 months. Generally, if you have strong account conduct (e.g. each account is ‘0’ for at least the past six months), you won’t need to provide additional information. If you had a missed repayment recently, your application may be subject to greater scrutiny in a Bank’s assessment.
Financial hardship information (FHI)
If your report shows FHI in the past 12 months, you may need to provide additional information to support your application.
Report summary
| Section | Description |
| Comprehensive Score | Overall credit risk from a scorecard displayed as a number (e.g. 900). |
| Headlines | A summary of:
|
| Credit enquiries & defaults | Total number and dollar value of any enquiries or defaults. |
| Personal insolvencies & court actions | Total number of any insolvencies or court actions. |
| Accounts & repayments | Accounts by each product type (e.g. personal loans), total current credit limits and worst repayment status. |
| Business relationships | Summary of the directorships and business names held by the individual. |
| Identity details | Summary of available information including any cross-referenced credit bureau files. |
Detailed summary
| Section | Description |
| Credit enquiries | If an individual has applied for credit, information including date, name of the financial institution (enquirer), account type, amount applied for and applicant role will be listed in this section. |
| Insolvencies & court actions | A detailed overview of any insolvency the individual has entered, as well as any court actions, writ or summons actions taken against the individual. |
| Accounts & repayments | Where applicable, this section provides details of the individual’s credit accounts. This includes:
|
| Defaults | Information on an individual’s defaults where the subscriber (credit provider) lists a payment default, including the date, amount and latest status. |
| Business relationships | Identifies if the individual has proprietorships or directorships including current, previous, and disqualified. Includes:
|
What are the Repayment History Information (RHI) Status Codes?
Within the Credit Enquiries section of the credit report, the ‘ID Source’ provides information about the RHI for each credit account held by you.
| CCR RHI Status Code | Description | Description/ Number of missed payments |
| 0 | The credit facility is current | |
| 1 | Up to 29 days overdue | Up to 1 missed payment |
| 2 | 30-59 days overdue | 2 missed payments |
| 3 | 60-89 days overdue | 3 missed payments |
| 4 | 90-119 days overdue | 4 missed payments |
| 5 | 120-149 days overdue | 5 missed payments |
| 6 | 150-179 days overdue | 6 missed payments |
| X | 180+ days overdue | More than 6 missed payments |
| R | Not reported – Repayment data was not reported for this period | |
| P | Pending – Repayment data has not been reported yet for this period (applies if the repayment period is the current month or the month preceding the enquiry) | |
| C | The facility is closed | |
Where can I find financial hardship information (FHI) on a credit report?
When viewing a credit report, financial hardship information will be available under the individual accounts, similar to the RHI on your comprehensive credit report.
If you enter a financial hardship arrangement with your Bank, your monthly record will be updated with:
- an ‘A’ (for arrangement) which will appear each month that you are under that arrangement
- a ‘V’ if you need to vary your loan agreement (e.g. at the end of a hardship arrangement to re-amortise your loan). It will appear for that month noting that the loan agreement has been varied.
When does financial hardship information (FHI) appear on your credit report?
When you enter a financial hardship arrangement or vary a loan agreement due to hardship, information will be sent to a central credit reporting agency. This information may be made available to other lenders who subscribe to reports provided by the central credit reporting agency.
How does financial hardship information impact the credit assessment?
Where any ‘A’ or ‘V’ is present on an assessment, a Bank will seek to understand the applicant’s reasons for hardship and use this information in the credit assessment to determine the suitability of the application.
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