In Australia, the “comprehensive credit reporting” regime (CCR for short), allows credit providers to share additional credit information about their customers. This is with the ultimate goal of ensuring more comprehensive and balanced assessments of applicant’s credit histories.
Previously, Australia had a ‘negative only’ credit reporting system which only kept a record of negative events, such as any defaults, Part IX Debt Agreements or bankruptcies.
Now, the reporting system will share additional, ‘positive’ information such as when you opened and closed a credit account, account type, credit limits you have and up to 24 months of repayment history. Heritage commenced sharing CCR data in early 2023. Major banks have also adopted CCR.
Your credit health is assessed by credit providers based on how well you manage your debts, and you can keep it strong by making your account payments on time.
Checking your own credit report can help you understand how your credit health is tracking and has no impact on your credit report or credit score. You can get a free credit report annually and within 90 days of you being refused credit, from each of the 3 main credit reporting bodies:
If you’re not eligible for a free credit report you can pay a small fee to a credit reporting body to access your credit report.
From 1 July 2022, information about financial hardship arrangement can be included on your credit report. This information will be included if:
Financial hardship information is not a reflection of poor credit management. In fact, having a hardship agreement can help protect your credit report from missed repayments.
If we enter into a financial hardship arrangement with you, this will show on your credit report for the duration of the arrangement. It will remain on your report for 12 months from the end of the arrangement, to help safeguard your repayment history.
Your repayment history will show if you have met the required repayments under the arrangement. If repayments are not required for a period of time, your repayment history will show as up to date for the duration of your agreement.
Being in a financial hardship arrangement won't impact your credit score. However, repayment history information can be included in the calculation of your credit score. So, if you miss a payment under an arrangement, your credit score might be impacted.
If you are having difficulty meeting your financial commitments, we're here to help. Learn more on our Financial Hardship page.
What is a Credit Report?
What is a Credit Score?
A Credit Score is a number that indicates how healthy your Credit Report is. Generally, the higher your score, the better.
Your Credit Score is a quick indication of your 'creditworthiness' and can indicate to a lender how likely you are to pay back the money they lend you.
A Credit Score is calculated using the information on your Credit Report that includes:
Your score may include additional information, particularly if you are an existing customer with the lender.
A Credit Score is a good indicator of your credit health, but it may not always indicate that you'll be approved for a loan. Lenders may have additional policies in place that could impact your application.
Learn more about credit scores on the CreditSmart website.
How can I get a free copy of my credit report?
What is Comprehensive Credit Reporting?
When did Comprehensive Credit Reporting come into effect?
The legislative changes to allow CCR were made a number of years ago.
Initially, CCR was mandatory for the big four banks and, over time, other banks have also adopted CCR. Heritage commenced sharing for CCR purposes in early 2023.
Why did Heritage adopt Comprehensive Credit Reporting?
Can I opt out of Comprehensive Credit Reporting?
Is it legal for Heritage to share my data for Comprehensive Credit Reporting?
Who are the Credit Reporting bodies in Australia?
What do I do if my information is incorrect on my credit report?
What can I do if I need help making my loan repayments?
We understand that life can take unexpected turns. For this reason, we have developed policies and processes to assist members with their mortgage loans, personal loans and credit cards in times of financial hardship.
If you are having difficulty meeting your financial commitments please contact our Member Assist department. They'll discuss your circumstances discreetly and provide a solution to help you through this tough time.
If you agree to a financial hardship arrangement, this will show on your credit report during the arrangement. It will remain on your report for 12 months from the end of the arrangement, to help safeguard your payment history.
Learn more on our Financial Hardship page.
What does financial hardship look like in my credit report?
If you've missed one, or multiple loan repayments, this will show on your credit report. Your credit report is updated with your repayment history monthly. Any missed repayments will show on your credit report for 24 months after they are reported.
If you have an approved financial hardship arrangement, your credit report will show the type of arrangement you have with us. This could be a temporary arrangement or a variation to your loan. Your credit report will not include the reason for the hardship arrangement, or any further details of our arrangement.
Does financial hardship exclude me from applying for credit?
Financial hardship information does not exclude you from applying for credit in the future, once your financial hardship arrangement has ended.
If your credit report has financial hardship information, a potential lender may ask you for more information about your current situation to understand whether you are still experiencing hardship.