Comprehensive Credit Reporting (CCR)

Comprehensive Credit Reporting (also known as positive credit reporting) will change the way customer credit information is reported to credit reporting bodies. Bank of Sydney now complies with CCR as per the Australian Credit Reporting Data Standard.

What is a credit report?

A credit report is what helps determine a person's suitability for credit products such as a Home Loan, Credit Card, Personal Loan or Personal Overdraft.

Previously credit history may have included information such as, date of application for credit products, as well as any significantly overdue accounts or defaults in the past.

What information will be shared?

The change means a credit report could include additional information, such as:

• The date a credit account was opened,
• The type of account opened,
• The credit limits in place,
• Up to 24 months of repayment history

What it means for your clients?

Over time, a credit report will provide a more accurate assessment of how people manage credit. There are a few ways your clients can improve their credit report including:

• Making payments on time
• Avoid missing repayments. They could consider setting up direct debits from their account to ensure they never miss a payment
• If they are unable to make a payment in time, they should contact our Financial Assistance team on 13 95 00 (Mon – Fri, 9am – 5pm AEST).

What Bank of Sydney products are included in the report?

Any credit products including but not limited to personal loans, home loans, investment home loans, credit cards, home equity line of credit, or personal overdrafts.

Which Credit Reporting Body does Bank of Sydney report to?

We work with Equifax for our credit reporting. You can find more information in our Privacy and Credit Reporting Policy, here. 

If payment is late by a few days, will that show up on the credit report?

If your client is a few days late on their payment, this won’t show up on their credit report. There is a 14-day grace period from the due date of the payment before it is reported and included in repayment history information.

Can what’s displayed on the report be chosen?

No, your client cannot choose what’s displayed on their credit report.

Can transactions other than repayment history be seen on a report?

Yes, your client should be able to see information about any consumer credit accounts they currently hold or have held. Information may include the lenders name, account number, account open or close date, the type of credit, credit limit and repayment history information.

Repayment History displays whether repayments have been made on time or not for a period up to 2 years. They will also be able to see any default or overdue accounts.

Where can I find more information about Comprehensive Credit Reporting?

For more details on Credit Reporting at Bank of Sydney, please read our Privacy and Credit Reporting Policy here.

You can also find more information about Comprehensive Credit Reporting by visiting the Credit Smart website at www.creditsmart.org.au.