The big four banks have provided 100 per cent of the required eligible account information ahead of the deadline, according to ANZ.
ANZ has announced that the major lenders have now provided the remaining Comprehensive Credit Reporting (CCR) data for home loan, personal loan and designated overdraft, effective as of mid-September 2019.
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:
ANZ reportedly cross-references this new CCR information against loan applications to determine the loans customers have at other financial institutions, where they:
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]
Hannah Dowling is a journalist for The Adviser and Mortgage Business.
Prior to joining Momentum Media, Hannah worked as a content producer for a podcast catering to property investors. She also spent six years working in the real estate sector at a local agency.
The broker channel has recorded its highest ever market share res...
A former small business minister has been appointed as the new...
Mortgage Street is set to relaunch into market as a new non-bank ...