As of September 2018 the big four banks, among other banks, have shared 50% of their CCR data. The new comprehensive data appearing on credit reports includes:
The date accounts were opened and closed
Types of credit
As well as 24 months of repayment history
What does this mean for Borrowers?
This additional information provides a more holistic view of a potential borrower’s creditworthiness and their ability to repay a loan. With lenders and regulators now placing increased scrutiny of borrower’s income and expenses it will invariably mean tighter lending guidelines and fewer loan approvals while arguably delivering cheaper loan rates to those with higher credit scores.