Comprehensive Credit Reporting
Course Details
Description
The term “comprehensive credit reporting” refers to a system of credit reporting that permits more types of personal information to be collected and used in credit reporting than was previously allowed under the Australian Privacy Act of 1988. Comprehensive Credit Reporting (CCR) includes repayment history information and credit liability information of consumer credit but does not cover personal information about commercial loans—that is, loans not intended to be used primarily for domestic, family or household purposes.
Comprehensive Credit Reporting came into effect on March 12, 2014, and brings Australia’s credit reporting system in line with other Organisation for Economic Co-operation and Development OECD countries (such as the United States and the United Kingdom), many of which implement positive credit reporting.
Prior to the changes, the Privacy Act imposed strict limitations on the categories of personal information that may be collected and used as part of the credit reporting process. The previous credit reporting regime was based on sharing ‘negative’ credit events—that is, information that diminishes an individual’s credit worthiness, such credit applications, and defaults.
Estimated Time To Complete
Learning Outcomes
By the end of this course, you will be able to
