Digital Finance Analytics (DFA) Blog
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NAB has today commenced Comprehensive Credit Reporting (CCR) for personal loans, credit cards, and overdrafts, as announced in October 2017. NAB is the first major bank to start participating in CCR, well ahead of the Government’s mandatory scheme. NAB Chief Operating Officer, Antony Cahill, says NAB has taken a leadership position on CCR since the … Continue reading “NAB and Comprehensive Credit Reporting”
The Treasury has released draft legislation to require the big four banks to participate fully in the credit reporting system by 1 July 2018. They say this measure will give lenders access to a deeper, richer set of data enabling them to better assess a borrower’s true credit position and their ability to pay a … Continue reading “Mandatory Comprehensive Credit Reporting Draft Bill Released”
Our friends at finder.com.au have written an excellent article for us on the impact of Comprehensive Credit Reporting, authored by Richard Whitten*. It highlights the changes afoot, and the impact on home buyers. Well worth reading! Comprehensive credit reporting is coming, Australia. The new credit system has big implications for Australian borrowers and lenders and … Continue reading “Comprehensive Credit Reporting: What Does it Mean for Home Buyers?”
NAB has announced it will commence its roll out of Comprehensive Credit Reporting in February 2018. Read our earlier post “Comprehensive Credit Reporting, Friend or Foe?” Comprehensive Credit Reporting will provide a more complete picture of a customer’s situation, and mean that lenders like NAB are better able to match the provision of credit to … Continue reading “NAB announces start to Comprehensive Credit Reporting”
In 2017 then Treasurer Scott Morrison announced a bill that would require the big four banks to participate fully in the mandatory comprehensive credit reporting regime. Via The Adviser. The legislation passed the House of Representatives but had not passed the Senate prior to the dissolution of parliament due to the election. The revised bill … Continue reading “Major banks to participate in credit reporting system”
Research from credit information website, CreditSmart.org.au, has revealed that one year on from the adoption of Comprehensive Credit Reporting (CCR), most Australian consumers are still unaware of the changes that are impacting their credit health, and may not know how it can impact their future credit applications. The research found that in the last 12 … Continue reading “Aussies’ awareness of changes impacting credit health still a work in progress”
The RBA released their credit aggregates to May 2019 today, we already covered the APRA ADI series in an earlier post. Seasonally adjusted owner occupied housing rose by 0.34% to $1.24 trillion dollars while investment lending slid 0.04% to $595 billion dollars, and comprises 32.5% of all household finance, in seasonally adjusted terms. Business lending … Continue reading “May 2019 Credit Weak As…”
Australian women are missing opportunities to optimise their credit health and make themselves look good to lenders, according to research from consumer education website, CreditSmart. The study was conducted online between 15-18 March 2018, with a sample size of 1,026 of Australians aged 18 years and older throughout Australia, out of which 51% of the … Continue reading “Australian women in the dark about their credit history”
The ABA says Australia’s four major banks have reached an agreement to protect vulnerable customers from being unfairly treated in the new mandatory Comprehensive Credit Regime. The four major banks, who will be required to report the credit history of 50% of customers by the end of September, will not include customers who have reached … Continue reading “Hardship Customers Protected in New Credit Regime”
Research from consumer education website, CreditSmart, has found that many of us hold misconceptions about what goes into our credit report, and what credit providers look for when checking a credit report. The CreditSmart website is owned by the Australian Retail Credit Association (ARCA), which is the peak body for organisations involved in the disclosure, … Continue reading “What makes up your credit report? Hint – it’s not what you think”