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Comprehensive Credit Reporting

RAMS started comprehensive credit reporting (CCR) as part of a government-initiated industry change to provide a more complete picture of consumers’ credit history.

Comprehensive Credit Reporting

24 March 2020

RAMS has started comprehensive credit reporting (CCR) as part of a government-initiated industry change to help provide a more complete picture of your credit history which contributes to your overall credit health.

CCR includes more positive credit information including account open and close dates, types of credit, credit limits and up to 24 months of repayment history information. 

Here’s a comparison summary of credit history information now applicable to CCR:

 

Credit history information Prior to CCR CCR
Account open dates   Y
Account closed date    Y
Type of credit   Y
Credit limits   Y
24 months of repayment history information   Y
Credit enquiries Y Y
Defaults Y Y
Serious credit infringements
(e.g. fraud or deliberately evading your obligations)
Y Y

What CCR means for you

Customers with a RAMS home loan may see a change to their credit report; for example repayment history will show back to April 2018 and you may see a change to your credit score as a result of CCR. Your credit score is a number generated by that credit reporting body that is a summary of the information on your credit report. The higher the score, the better your credit history is. Your credit score is also likely to change more regularly with CCR due to additional information being supplied to credit reporting bodies each month.

Further information and support

The Credit Smart website has further information on CCR and credit reporting in Australia or you find more information here.

Speak to a home loan specialist