Comprehensive Credit Reporting

Comprehensive Credit Reporting has been adopted at Heritage. Learn more about what Comprehensive Credit Reporting means for you, what information is in your credit report and how you can get a copy of your credit report for free.

What is Comprehensive Credit Reporting?

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.

What does this mean for you?

  • If you make your repayments on time, this positive behaviour is reflected in your credit report, and you might see an increase in your credit score.
  • If you miss a repayment by more than 14 days, this is also reflected in your credit report. This means it's more important than ever to ensure your loans are kept up to date, or let us know if you are unable to make a repayment or if you're experiencing financial hardship
  • More transparent information on your credit history can help to reduce time to decision when you apply for a loan or credit card.
Tip: Set up automatic repayments
You can ensure you make your repayments on time by setting up a scheduled transfer in Heritage Online. 
Be smart about your credit health

What's in your credit report?

  • Date account opened
  • Defaults
  • Type of credit
  • Credit enquiries
  • Maximum limit
  • Insolvency & court data
  • Repayment history
  • Date account closed
  • Financial hardship information - learn more

How to get a free credit report

Did you know, you’re entitled to one free credit report every year? 

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.

Financial hardship information

From 1 July 2022, information about financial hardship arrangement can be included on your credit report. This information will be included if:

  • You have made a temporary hardship arrangement with us; or
  • We've permanently varied your loan contract because of financial hardship. 

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.

What does it look ?

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?

When you apply for a loan or credit, credit providers such as banks and lenders will check your credit report. Your credit report documents your credit history, including how many times you’ve applied for credit and which loans were opened, as well as your history of making repayments and any defaults. Learn more about your credit report in our helpful article ‘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:

  • How often you've applied for credit
  • What type of credit and the limits you've applied for
  • Your repayment history 
  • If you've had any defaults or judgements in the last 5 years

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?

You can request a free credit report from any credit reporting body once a year or if you have been refused consumer credit within the past 90 days. You can also contact CreditSmart to obtain a copy of your credit report. 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.

What is Comprehensive Credit Reporting?

Heritage will share additional credit information about customers with credit reporting bodies as part of the Comprehensive Credit Reporting (CCR) changes. Previously, your credit report may have included only ‘negative’ data such as the date of your loan application, any defaults on your loan or bankruptcies. With CCR your credit report includes additional, ‘positive’ information like when you opened and closed a credit account, account type, credit limits you have and up to 24 months of repayment history.

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?

Heritage adopted CCR in line with industry standards, and as part of our commitment to responsible lending to our customers. All the major banks have already adopted CCR and many other credit providers have already adopted CCR or are working towards it.

Can I opt out of Comprehensive Credit Reporting?

It is not possible to opt out of CCR.  Your personal information is managed and protected in accordance with the Privacy Act. 

Is it legal for Heritage to share my data for Comprehensive Credit Reporting?

Yes. We are able to share your personal information in accordance with our  Privacy Policy and the Privacy Act. 

Who are the Credit Reporting bodies in Australia?

Credit reporting bodies are independent organisations that securely report credit and personal information to credit providers to help them assess a credit application. Heritage uses three different credit reporting bodies – Equifax, illion and Experian.

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

If you believe there is an error on your credit report, you can contact the credit reporting body where you obtained your report, or contact the financial institution that provided the incorrect information and ask them to investigate. Alternatively, you can contact us if you believe Heritage has included incorrect information on your 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.

The arrangement will be shown as a simple letter code ('A' or 'V') next to your repayment history. This will show for a maximum of 12 months after the end of the agreement.
  • Letter code 'A' refers to a temporary hardship arrangement. This is a type of short-term relief or deferral of your credit obligations. This gets reported each month that the financial hardship is in place. 
  • Letter code 'V' refers to a variation financial hardship arrangement. This is a permanent variation to the terms of a credit agreement, such as capitalising your arrears after being in a temporary hardship arrangement. This gets reported once, in the month that the permanent variation took place.

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. 

Learn more

The CreditSmart website is a comprehensive source of information about CCR, as well as your credit report and what these changes mean for you.
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