Comprehensive Credit Reporting

We would like to update you on some important changes we are making to the way we report your credit information and the impact it may have on your credit report. These changes are taking place due to the introduction of ‘Comprehensive Credit Reporting’ (CCR), also known as positive credit reporting. CCR provides a more balanced view of your credit history. 

What is credit report information used for?

Credit report information is used to help financial institutions assess your suitability for a range of credit products including, Credit Cards, Personal Loans, Home Loans and Overdrafts. 

What’s changing?

Currently, your credit report includes information such as credit products applied for, defaults and other credit infringements and bankruptcies. The changes will allow further information such as when you opened and closed an account, credit limits and your repayment history.  If you are making repayments on time this will appear positively on your credit report. 

CCR is being implemented across a number of financial institutions around Australia and these changes will allow a more accurate assessment on how you have managed your credit.  

Where can I find more information?

More information on CCR can be found below. Further information can also be found on the CreditSmart website. 

Your privacy and security of data is very important to us. More information on our Privacy Policy and how we handle your data can be found here.

Frequently Asked Questions

  • What is Credit?

    Credit is commonly defined as an agreement made between a lender and a borrower. Credit incorporates a range of credit products such as Credit Cards, Personal Loans, Home Loans and Overdrafts.

  • What is credit reporting?

    Credit reporting is the sharing of credit information between credit providers and credit reporting bodies. The information in your credit report is used by credit providers when assessing your eligibility for credit.

  • What is Comprehensive Credit Reporting?

    Comprehensive Credit Reporting (CCR) is being implemented across a number of financial institutions around Australia. CCR, also known as positive credit reporting, provides a more balanced and comprehensive view of your credit history.

    Currently, your credit report includes information such as credit products applied for, defaults and other credit infringements and bankruptcies. CCR allows further information to be disclosed such as when you opened and closed a credit account, credit limits and up to 24 months of repayment history. If you are making repayments on time this will appear positively on your credit report.

  • Why is Snow Star Credit Union changing to Comprehensive Credit Reporting?

    Changing to Comprehensive Credit Reporting will enable Snow Star Credit Union to gain a better understanding of our customer’s financial position. The additional credit information available will assist Snow Star Credit Union in meeting customer needs whilst lending responsibly.

  • How can the change to Comprehensive Credit Reporting help me?

    Over time your credit report will provide a more comprehensive overview of how you manage credit. If you are making repayments on time this will have a positive effect on your credit report. This will assist credit providers in meeting your needs whilst lending responsibly.

  • How can I get ready for Comprehensive Credit Reporting?

    We recommend you make your loan and credit card repayments by the due dates. This is more important than ever, as making repayments on time will appear favourably on your credit report.

  • I have been a few days late paying my credit card bill and my loan repayment. Will this be disclosed on my credit report?

    Your credit report will show whether you make repayments on time. If you were less than 14 days late with your payment, and your repayment was not overdue from a previous month, then your credit report will show that you payment was made on time. By law, credit providers need to factor in a 14 day grace period.

  • If I have entered into a repayment arrangement with Snow Star Credit Union due to COVID-19 will this be disclosed on my Credit Report?

    If you have entered into a hardship arrangement due to COVID-19 and your repayments were up to date prior to that arrangement, then the hardship arrangement will not be recorded on your credit report.

  • Who can view my Credit Report?

    Your credit report is not available for just anyone to view. Credit Reporting is governed by the Privacy (Credit Reporting) Code and only a limited range of businesses can access the information. The information can only be accessed for specific purposes, such as when you apply for a credit facility.

  • Can I view my credit report?

    In Australia everyone is entitled to one free credit report from each credit reporting body. The names and contact details of the credit reporting bodies operating in Australia can be found by visiting the CreditSmart website at www.creditsmart.org.au.

  • More information

    For more information about Comprehensive Credit Reporting, you can visit the CreditSmart website at www.creditsmart.org.au. CreditSmart is an information website developed by credit experts to help consumers understand how credit reporting operates in Australia.