Who are Credit Reporting bodies in Australia?

Queensland Country Bank commenced Comprehensive Credit Reporting (CCR) from September 2022.

Comprehensive Credit Reporting is the sharing of Members' credit information between credit providers and credit reporting bodies.

A credit report is a summary of how you have managed your credit facilities and may be used by credit providers to help them decide whether to offer you credit and on what terms.

Previously, your credit report may have included data such as the date of your loan application, any defaults on your loan or bankruptcies. With CCR your credit report includes additional 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.

CCR means it’s more important than ever to make repayments on time. Making at least the minimum repayments on time will ensure your credit report is not negatively impacted. This information gives credit providers a more comprehensive view of your credit history, enabling them to make a more informed assessment of your ability to repay the loan. To avoid missing a payment, consider setting up direct debit (such as AutoPay for credit cards).

If your payment is more than 14 days late, and your repayment history has been provided to a credit reporting body, then the late payment will appear on your credit report issued by that body. This will remain on your credit report for 24-months.

Under the Privacy Act 1988, an overdue debt or default can only be listed on your Credit Report if it is overdue by 60 days or more and totals $150 or more. Defaults are viewed negatively by credit providers and can impact your ability to get credit in the future.

If there is a new arrangement in place that is wholly and partially related to any of your defaults, this will also be displayed in the Overdue Accounts section of your credit report.