Knowing about credit can make your life easier and enable you to know where you stand with your finances. But along with credit comes a lot of terms and acronyms that can get confusing… credit score, credit report, CCR, CRB… what do they mean and what’s the difference?!

We’ve broken down six of the most common terms that you might see so you can walk away feeling a little smarter and a little more reassured about understanding your credit:

 6. CCR (Comprehensive Credit Reporting)

Also known as: Positive Reporting

Simply put, Comprehensive Credit Reporting refers to additional information being provided to, and held by, CRBs in Australia, which means that a more complete picture of an individual’s credit profile can be held on their credit file.

In March 2014, changes to the Privacy Act 1988 came into effect to allow for this inclusion of extra information about your credit history in your credit file. At present only some credit providers have opted in to the system, so depending on who your credit provider is this extra information may or may not already appear on your credit report.

The new extra information included under CCR is:

  • Repayment history for credit accounts such as credit cards, home loans and personal loans
  • Whether you have made a payment or minimum payment required
  • Whether the repayment was made on time or not
  • The type of credit account opened
  • The date the credit account was opened and/or closed
  • The name of the credit provider and whether they are a licensee
  • The current limit on the credit account

People demonstrating good credit-based behaviour (such as repaying debt on time) will now start to see that reflected on their file and credit score. It will allow people to take greater control of how they can be perceived by potential lenders reviewing their credit file. It could even allow people to recover more quickly from adverse situations or to establish a credit history more quickly.

So, now you know…

Credit may seem confusing, but it doesn’t have to be. Knowing and understanding these credit terms and how they can affect your financial standing is the first step to being in control of your credit reputation and making savvier informed financial decisions in the future.

Read more about CCR and how you can make it work for you here…

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3 Comments

    • Hi Matt,

      Nothing has been confirmed as yet, but keep an eye on our blog, member emails and social media for updates in the coming months!

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