8 Dec 2017
Comprehensive Credit Reporting (CCR)
- Posted by Dejan Pekic BCom DipFP CFP GAICD, Senior Financial Planner
The Federal Government has made Comprehensive Credit Reporting (CCR) compulsory which means that lenders will have to share all their data about borrowers.
By 1 July 2018 lenders will be required to share 50% of borrowers data which will increase to 100% by 1 July 2019.
In theory, sharing of borrowers data is expected to increase competition and deliver improved pricing for borrowers however CCR also means that borrowers have nowhere to hide.
Borrowers who have impaired credit history and or weak income will likely be put under even more financial stress with higher fees and interest rates.
To find out what lenders can currently access when assessing you as a borrower.
Click for a Free Standard Credit Report.
At Newealth we are always looking to support and promote our clients wherever possible and if you have any ideas or comments, please feel free to email me or to call me on +61 2 9267 2322.
