Jul 08 2019 / ExperianHas your credit score improved since CCR? Explore the new data landscape with us

The new era of Comprehensive Credit Reporting (CCR)

If you’re reading this you’re likely to be among the many Australians whose credit scores have improved by an average 3.33% since we’ve moved to positive reporting with a further increase of 0.59% in the last six months. A stroke of luck? Not really. You've got CCR to thank - a proposed legislative change that has seen Australian credit providers sharing a whole new range of positive financial data. The result is an environment that is likely to support more responsible lending, competitive interest rates and financial products, and less unmanageable debt for all Australians.

Now with access to your full financial history, lenders should make fairer decisions based on the level of debt that you, the borrower, can actually manage. Under the old system, your credit score was only impacted by the negative things you did, such as missing a repayment. Under CCR, lenders can take into consideration things like how quickly you pay back a late credit card bill and any early signs of credit stress. So where do you fit in?

The new era of Comprehensive Credit Reporting (CCR)

What this means for Australians

The Experian credit bureau has access to data on over 90% of Australia's open credit cards (at least 14 million cards and 9.4 million individual card holders). From looking at this data, we can see that even a few months into positive data sharing, CCR is tangibly improving peoples' credit scores across the country - particularly in the younger population. We can see how credit card ownership and missed repayments vary across the board, and how this information can allow lenders to support more Australians in making better credit decisions. And thanks to state-by-state research, we can see that more needs to be done to improve people's understanding of their finances in certain geographies and demographics.

If you're earning and spending in Australia, you can be proud that the industry is pressing on towards a fairer and more responsible lending environment. But first, a better understanding of the evolving landscape will help you keep ahead of any changes that may impact you.

What this means for Australians

Interactive Credit Health Check

Take our interactive Credit Health Check and have a read of the report - hopefully it helps you see where you stand in the credit landscape, what you can do to improve and maintain a healthy credit score and how the evolution of CCR in Australia can support your financial future.

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Learn more

You can learn more in the Experian Education Hub and from our Know the Score infographic and whitepaper. You can also visit CreditSmart, an industry initiative developed by credit experts to empower you to understand how your credit choices affect the information that credit providers can access and how you can view and control that information.

Visit The Education Hub Visit Know the Score

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This information is based on Experian's credit bureau data of 14 million open credit cards and a population of 9.4 million individual open credit card holders as at April 2019.