Comprehensive Credit Reporting

Comprehensive Credit Reporting (CCR) enhances Australia’s credit reporting system and allows for additional information to be securely supplied between credit providers and Credit Reporting Bodies.

Prior to CCR, your credit history primarily included information like credit applications and any overdue accounts or defaults. With these changes, your credit report will now include additional details such as the opening date of your loan accounts, the types of accounts you hold, your credit limits, your repayment history and your hardship history (if hardship assistance is approved). This information will appear on your credit report for 24 months. CCR means it’s more important than ever to pay on time, so the repayment history information is shown favourably on your credit report. Finance One supplies CCR information for its consumer credit products including auto and personal loans to Equifax and Illion (Credit Reporting Bodies).

How can CCR benefit me?

Comprehensive Credit Reporting, also known as Positive Credit Reporting was introduced so that lenders are able to see when individuals are successfully managing their credit obligations. As a result of the introduction of CCR, all of your credit behaviours are registered, which can balance out any negative slip-ups that may have occurred in the past. Also, if you don’t have much of a credit history, there will be more information available on your credit report relating to your creditworthiness that finance companies can use in the decision to offer a loan. This will benefit you, if you are making your payments on time.

When will information appear on my credit report?

From 1st September 2024, we will collect data to report it to Credit Reporting Bodies. This information will be supplied to Equifax and Illion (Credit Reporting Bodies) on a monthly basis from October 2024 to ensure your credit history is accurate, complete and up to date. Data is sent to the Credit Reporting Bodies between the 5th and 10th of each month for the prior month.

What will happen if I am overdue?

We apply a grace period of 14 days to all accounts. This means that if a payment is due on the weekend or you are a few days late (and your account is otherwise in order) your account will not be marked as overdue. If you are more than 14 days overdue, this will be reporting to the Credit Reporting Bodies. The more overdue, the more your credit score will be adversely impacted.

What information is shared?

We will share the following with Credit Reporting Bodies:

opening date of your loan accounts
the types of accounts you hold
your credit limits
your repayment history
that you have been approved and are receiving hardship assistance (if applicable)
the date your account was closed and if this was as a result of a delinquency.

Is it legal to share my data?

The credit reporting system is governed by the Privacy Act and the Privacy (Credit Reporting) Code. We adhere to all of the requirements for collecting and disclosing customers’ personal information. Our Privacy Policy can be found here: https://financeone.com.au/privacy-policy-consumer/

Can I opt out of Comprehensive Credit Reporting?

Comprehensive Credit Reporting is permitted under the Privacy Act. It is not possible to opt out of Comprehensive Credit Reporting.

Who can see my credit information?

Your credit information can be viewed by credit providers (such as lenders and utility providers) when you apply for credit or a service contract and consent for them to obtain your credit report. These providers typically do a check against your credit file as part of their application process.

How do I check my credit report?

You can request access to your credit report by contacting one for the Credit Reporting Bodies below:

Equifax – https://www.equifax.com.au/

Illion – https://www.creditcheck.illion.com.au/

What do I do, if I think the information on my credit report is incorrect?

If you believe we have reported incorrect information on your credit file, you should contact us at [email protected] and we will review your file.

What can I do if I need help making my loan repayments?

If you are having trouble making your repayments on time, please call 1800 346 663 or email us at [email protected].

How can I find out more on Comprehensive Credit Reporting?

You can learn more about credit reporting at the Credit Smart website: https://www.creditsmart.org.au/comprehensive-credit-reporting/

How does a financial hardship arrangement affect my credit score?

If you are in an approved hardship arrangement and are meeting your hardship obligations, your credit score will not be impacted. You can learn more about hardship reporting at the Credit Smart website: https://www.creditsmart.org.au/financial-hardship/variation-financial-hardship-arrangement/

Please note we do not share information to CRBs when a customer applies for hardship, only if they have been approved.