Comprehensive Credit Reporting to deliver better outcomes for customers
NAB has today commenced Comprehensive Credit Reporting (CCR) for personal loans, credit cards, and overdrafts, as announced in October 2017.
NAB is the first major bank to start participating in CCR, well ahead of the Government’s mandatory scheme.
NAB Chief Operating Officer, Antony Cahill, says NAB has taken a leadership position on CCR since the start.
“Under Comprehensive Credit Reporting, we now have a more holistic picture of a customer’s credit situation, so we’re better able to make sure our customers receive the right type and amount of credit for their individual circumstances.
“We believe CCR is good for competition, and will mean better outcomes for customers.
“A number of smaller players have been participating in CCR already, and the Government recently released draft legislation to make it mandatory for all the major banks.
“We’re pleased to be going live with CCR today, and we look forward to seeing it roll out across the industry.”
About Comprehensive Credit Reporting:
- Most Australians have a credit report. CCR will mean credit reports will represent a more balanced reflection of their credit history.
- For decades, a credit report has contained only negative information – information like when someone’s defaulted on a loan, and how many credit enquiries they’ve made.
With Comprehensive Credit Reporting, positive credit information will be added – including which accounts have been opened, credit limits on those accounts, and details of monthly payments made as well as missed.
This will provide a more complete picture of a customer’s situation, and mean that lenders like NAB are better able to match our provision of credit to a customer’s individual needs.
- NAB has commenced CCR for personal loans, credit cards, and overdrafts. Later this year, other types of lending will also be included. NAB is phasing its roll out of CCR to ensure a smooth transition for customers