Comprehensive Credit Reporting
Comprehensive Credit Reporting (CCR) is changing how customer credit information is reported to credit reporting bodies. This may affect this information on your credit report. Granite Home Loans (via our funder Columbus Capital) have voluntarily signed up to include our customers in the comprehensive credit reporting program which the Big 4 banks have been participating in since 2018.
What’s Changing
Comprehensive Credit Reporting (CCR) is a change to credit reporting by credit providers in Australia.
Previously negative credit reporting may have only included information such as when you applied for credit products known as credit enquiries and any defaults, or judgements against you.
With CCR or positive credit reporting, your credit report may now also include information of your positive financial behaviors. The additional information may include your Account Open and Close Dates, Account Limits, the Type of Credit and your Repayment History on these accounts for the last 24 months. (i.e., payment received on time within 14 days of such payment being due or number of days overdue).
How credit reporting works
What is a credit report?
A credit report provides information about your credit history to credit, to help them determine your suitability for certain products.
There are two types of credit reports; a negative credit report which is how we used to report your credit information; and a comprehensive credit report. The CCR will now include the additional information moving forward.
Credit reports are provided by credit reporting bodies (CRB) who collect and share credit information with credit providers in line with the privacy laws.
Information supplied
CCR Information on home loans, personal loans, personal overdrafts, and personal credit card information have been shared with credit reporting bodies.
The information supplied includes:
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Account identification information
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The types of personal credit you have
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If and when you have made your repayments, with up to 24 months of repayment history.
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The dates you opened and closed your personal credit account.
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The credit limits you currently have.
What is Credit Score
Credit reporting bodies (CRB), use the information we and other financial bodies provide to calculate a credit score to provide an indication of how likely you are to pay back the money you owe to a credit provider.
The higher your score, the more likely you are to pay back a loan. Each CRB may use a different scoring method to calculate your credit score.
Granite Home Loans gives your information under the CCR guidelines to Equifax.
Getting a copy of your report
Your credit report changes over time and the CRBs will have the most up-to-date information. You are entitled to one free copy from each CRB every year.
Granite Home Loans can only provide you a copy of the credit report we obtained at the time of your most recent application. This may not show changes in your credit report since you last applied for credit with us. We suggest you contact the credit reporting bodies directly.
To get a copy of your credit report, you will need to contact the credit reporting bodies directly:
What it means for you
On time payments reflect positively on your credit report
Your credit report will include repayment history information (RHI) and if you made payment on time, late or missed a payment on a credit product. Making at least the minimum repayments on time should positively impact your credit score.
RHI May be used to assess your application for credit products when you apply for credit. It’s more important than ever to make repayments on time.
Late or Missed payments
Missed and late payments may impact your score
Your comprehensive credit report will show whether you have missed or made a late payment. Repayment history information shows if you have made your repayments on time.
There is a 14-day grace period on repayments. Granite Home Loans calculates grace days as calendar days, regardless of weekends or holidays. If you are late making a payment after the grace period, it may be recorded on your credit report.
Late Payment vs. default affect my score?
If you pay your loan repayments more than 14 days past the due date, this can be recorded on your credit report as a late payment. It is unlikely one late payment, depending upon how late the payment was, followed by making your repayments on time, will significantly impact your credit score, however, a number of late payments could be an indication you may be in financial stress and may negatively impact your credit score.
A default will negatively impact your credit score. If you have a default on your credit report, you can lessen the impact of the default on your score by making repayments on time. This more recent good behaviour can help improve your score.
Your rights to access credit information
You can access credit information Granite Home Loans holds about you and request to amend any incorrect information at the time of application.
Please contact our customer support team on 1300 232 999 to discuss.
What is a correction?
A correction is where you, or your authorised representative, contacts Equifax or the lender to dispute the accuracy of information on your credit file and requests a correction. A correction will only be made if it is found that there is a genuine inaccuracy on your credit file.
What is a Complaint?
If you do not agree that the information reported by us on your credit report to Equifax is accurate you may also lodge a complaint either with us or directly with Equifax.
If you have any queries or concerns about the information Granite Home Loans have included on your credit report, please contact us via email info@granitehomeloans.com.au .
If you have issues with what is on your credit report generally you may contact Equifax as the Credit Reporting Body and you can make a complaint via phone, mail, fax, or an email. https://www.equifax.com.au/personal
Other rights related to CCR data
Direct Marketing
Personal information in your credit report cannot be used by a credit reporting body or a credit provider for direct marketing.
Preventing Identity Fraud
If you think you have been a victim of fraud (e.g., if someone else may be using your name to apply for credit) or have transactions you do not recognise you should contact Granite Home Loans.
As well as report it to Equifax and other credit reporting bodies so they can put an alert on your file that you have been a victim of fraud.
You can also read our Privacy Policy or visit Credit Smart for consumer education on CCR.