What are the benefits of Comprehensive Credit Reporting for consumers?

The new comprehensive credit reporting system gives Australians more power to demonstrate credit worthiness and manage their credit profile with the inclusion of positive information into credit reports.

  • Highlights good credit behaviour: You will be able to demonstrate recent good credit behaviour because the new system records if you have made your credit payments on time.
  • Faster recovery from adversity: You may improve your credit profile more quickly after an adverse financial event by showing good credit behaviour, potentially countering the impact of a default up to five years old.
  • Quicker to establish a credit report: For individuals new to consumer credit, the use of comprehensive information means that you can build credit worthiness more quickly. For example, if you are a young person or a recent arrival from overseas.
  • A more balanced system: It is a more balanced and transparent system for consumers who already have a good credit history, as well as those who previously had trouble meeting their financial commitments – as it may enable them to access quality credit where they may not have been able to previously.