Comprehensive Credit Reporting

Comprehensive Credit Reporting (CCR) is being introduced across financial services in Australia.  The introduction of CCR changes how credit information is reported to credit reporting bodies and may affect the information displayed on your credit report.

CCR enables credit providers to obtain a more comprehensive view of your financial position, assisting us to lend more responsibly and more fairly.

What the changes mean for you

Previously your credit report may have included information such as when you applied for credit, defaults and public record information.

With CCR, your credit report may also include additional information on your personal credit accounts like when you opened and closed the account, type of account, credit limit and up to 24 months of repayment history information.

Credit history information Current Credit Reporting Comprehensive Credit Reporting (CCR)
Personal information, for example - name, address, date of birth.
Open and closed dates  
Type of account  
Credit limit  
Repayment history information - 24 months  
Serious credit infringements
Credit enquiries
Public record information, for example - bankruptcy, debt agreements, court judgements, company directorship

We have already commenced sharing credit card, personal loan, home loan and personal overdraft credit data with credit reporting body Equifax, although you may not see this data on your credit report immediately.

Our Credit Reporting Policy was updated to include this in March 2014 and if your account was opened before that time, we let you know about the changes with a statement notification.

What is a credit report?

Credit reporting bodies (CRBs) collect and share credit information, with credit providers, by providing a credit report.

A credit report provides information about your credit history.  Credit providers use the information to assist them to determine your suitability for certain products.

You are entitled to a free copy of your credit report every 12 months from each CRB. This will provide you with the opportunity to see what information is available as well as check for any inaccuracies. For a copy of your credit report, contact the credit reporting bodies directly – Equifax, Experian, Illion.  The bank can only provide you with a copy of your credit report, at the time of your credit application.

Visit CreditSmart for a sample credit report.

How is your credit information used?

When you apply for credit, you give your consent for the bank to conduct a credit check.  We obtain a credit report from credit reporting body Equifax.  The information is used to verify your identity and credit information.

Visit our Privacy Policy to learn how we collect and use your information.

Tips for a healthy credit report

CCR helps to recognise good repayment behaviour therefore making repayments on time has never been more important.  To help you maintain a healthy credit report, we’ve got some helpful tips.

  • Automated payments – Set up automatic repayments for the minimum amount due, to allow for any future repayment changes.
  • Check your credit report – You’re entitled to a free copy of your credit report from each CRB every 12 months.  If you find something in your report that isn’t right, contact the relevant credit provider or CRB and ask them to correct it.
  • Check your accounts – Make sure you know what accounts you have open and closed and the details of your account are correct, such as credit limit, payments are up to date and loan not in arrears, etc.

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