12 million Australians should see their score improve
Comprehensive Credit Reporting (CCR) will make the Australian financial system more stable and introduce more competition into the $1.8 trillion mortgage and credit card markets.
By Tuesday 17 September, the mortgage repayment data of Australia’s big four banks is being provided to illion, enabling sharing between lenders. This will make the assessment of credit applications by Banks on consumers more transparent, equitable and efficient. It will enable consumers to get the credit product that is right for them at the price that is right for them.
illion CEO Simon Bligh said the new system would enhance credit scores, providing greater certainty for lenders and be fairer for borrowers.