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What You Need to Know About the New Credit Reporting Laws Before Applying for a Home Loan

Comprehensive credit reporting has been voluntary in Australia since 2014, however, the Australian Government has recently ordered the big four banks to participate from July 1 this year. What is Comprehensive Credit Reporting? Comprehensive Credit Reporting (CCR) is just that—a thorough view of your financial history, which is inclusive of all your ‘good’ and ‘bad’ financial behaviour for all future lending. This includes your mortgage, credit cards, home loans etc. With an unprecedented volume of information now being collected on individuals under the CCR, positive behaviour is also recorded against your name – no longer ignoring all the regular payments … Read more

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