Understanding Comprehensive Credit Reporting

Comprehensive Credit Reporting (CCR) offers a detailed view of a person's credit history, encompassing positive and negative aspects. Maintaining a positive credit record is crucial, especially when seeking a home loan, because lenders rely on this detailed information to evaluate an applicant's creditworthiness.

What is comprehensive credit reporting?

Comprehensive Credit Reporting (CCR) provides a detailed overview of an individual's credit history, including positive credit behaviour and negative impacts such as late payments and defaults. This system allows for fairer and more accurate assessments of creditworthiness by lenders. It's important to monitor your credit report for accuracy and potential errors. 

How can you get a Comprehensive Credit Report (CCR)?

Getting a CCR is easy, you can request a free copy once a year from major credit reporting agencies such as Equifax, Experian, or illion. All you need to do is visit their website, provide some details and follow the prompts to receive your credit report. Checking your report helps you know your financial standing, making it crucial when applying for loans.

What does your credit report show?

Prior to CCR being introduced, credit reports displayed the following information:

• identification information (e.g., name, address, DOB);

• default information;

• court proceedings (e.g., credit-related judgements);

• personal insolvency information (e.g. bankruptcy, debt agreements);

• serious credit infringements; and

• credit enquiries.

Your credit report also displays two other types of information: Consumer Credit Liability Information (CCLI) and Repayment History Information (RHI).

CCLI is consumer credit account information, such as:

• name of credit provider;

• type of consumer credit – credit card, personal loan, home loan, personal overdraft;

• credit limit (note,balances are not permitted);

• terms of consumer credit – loan term, account start and end dates, account active or closed status; and

• loan type – Principal & Interest, Interest Only, Revolving (e.g., credit card).

RHI is repayment information, which includes:

• RHI status, or the number of days overdue on a repayment; and

• 24-month rolling history of the RHI status.

RHI can only be reported and viewed by licensed Credit Providers (e.g., this excludes utility and telco companies).

Why is adding Comprehensive Credit Report (CCR) to a credit history important?

 CCR allows lenders, such as Qantas Money Home Loans, to make more informed credit decisions by providing a complete credit history, including positive repayment behaviour. This means that customers with a proven repayment history may have a more positive financing outcome, and reduce the need for collecting and providing liability statements to a lender as part of the application process. This makes applying for a home loan easier, and can make the  lender’s decision process faster for the applicant. For those experiencing repayment difficulties, their situation can be holistically assessed to determine the best course of action. CCR provides a more comprehensive view of creditworthiness, benefitting both Qantas Money Home Loans and our customers. 

Will COVID-19 payment deferrals impact your credit report?

An agreed COVID-19 deferral (or payment pause) will not show up as a missed payment on a credit report. Please visit CreditSmart COVID-19 for more information.

How can you improve your credit score?

As well as contacting us as early as possible if you are having trouble making repayments, you can also visit CreditSmart for information and tips including:

• What’s in a credit report?

• Know your credit score

• Keeping your credit report healthy

What Credit Reporting Bodies (CRBs) hold credit reports?

Qantas Money Home Loans currently provides CCR data to the CRB Equifax. (There are other CRBs for example, illion and Experian who may also hold credit reports about individuals). Credit Providers can provide CCR data to all or some of these CRBs. CRBs are regulated by the Privacy Act, to ensure that the information they hold is accurate, complete and up-to-date and are required to provide a free credit report (upon request from a customer) at least once, every 12 months.

Can you 'opt-out' from Credit Providers supplying your CCR data?

While credit reporting is not governed by consent-based rules under the Privacy Act 1988, your personal information is still protected. The Privacy Act sets clear rules to safeguard your privacy and ensure that your personal information is protected. Credit reporting is subject to even stricter limitations than other forms of personal information, but you have clear rights to access your credit report and correct any errors. Only a limited range of Credit Providers can access your credit report, and only for specific purposes, such as when you apply for a loan. Rest assured that your personal information is protected under the law.

Can you request a correction to your credit report?

A correction is where the individual or the individual’s authorised representative, contacts a Credit Provider or Credit Reporting Body (CRB) to dispute the accuracy of information held on their credit report and requests a correction. If you believe information held in your credit report is incorrect, you can contact us or contact a CRB directly.

Is Comprehensive Credit Reporting free (CCR)?

Getting a CCR is free in Australia. Under Australian law, you can request a free copy of your credit report once a year from major credit reporting agencies. This allows you to check your credit history and ensure all the information is accurate without incurring any charges.

^* You have to be a Qantas Frequent Flyer member to apply for the Qantas Home Loan. This information has been prepared without considering your objectives, financial situation or needs. You should consider your circumstances before acting on this information.