Big banks provide 100% CCR data

The National Consumer Credit Protection Amendment (Mandatory Comprehensive Credit Reporting) Bill 2018, which was introduced into Parliament mid-last year, requires banks to share credit information (both positive and negative) with other lenders, to enable better understanding of a borrower’s capacity to repay debt.

Under the legislation, the major banks were required to provide 50 per cent of their credit account data by 28 September 2018, with the deadline to provide the last 50 per cent being 28 September 2019.

ANZ has announced that the big four banks have supplied the remaining data ahead of the deadline, with 100 per cent of eligible credit account information now available.

In line with the CCR regime requirements, customers will now also have access to the information, by way of their credit report.

The CCR information available to lenders and customers includes:

• The financial institution where the account is held – ANZ, CBA, NAB, Westpac, etc.
• The type of account that is held – personal loan, home loan, overdraft or credit card
• Account dates – open and closed (where applicable)
• Current account liability (for loans, the balance plus redraw amount) or credit limit
• The account repayment history, including:
• When payments are made on time
• When payments are more than 14 days late

ANZ reportedly cross-references this new CCR information against loan applications to determine the loans customers have at other financial institutions, where they:

• have not been listed on the statement of position for an ANZ loan application; or
• have limits or amounts owing that are different to the limits or amounts set out in the statement of position.

As per legislative requirements, customers can obtain one free credit report from each of the individual credit reporting bodies per year, with additional reports available at a cost. 

[Related: The broker’s guide to CCR]