Comprehensive Credit Reporting (CCR) has significantly enhanced Australia’s credit reporting framework by enabling the secure exchange of more detailed information between credit providers and Credit Reporting Bodies (CRBs).
Before the introduction of CCR, credit reports primarily included basic information such as credit applications, overdue accounts, and defaults. Under the CCR system, your credit report will now include additional data such as the opening dates of loan accounts, account types, credit limits, repayment history, and hardship history (if hardship assistance has been approved). This information will remain on your credit report for 24 months. The inclusion of repayment history makes it more critical than ever to ensure payments are made on time, as this positively reflects on your credit report.
Ume Loans will provide CCR information for its loan products, including car loans and personal loans, to Credit Reporting Bodies like Equifax.
Today your credit history may include information such as when you applied for credit products, as well as any overdue accounts or defaults you have had in the past.
The change means your credit report could include additional information, such as the date you started your loan with Ume Loans, the type of account opened, the credit limits you have and up to 24 months of repayment history.
Financial Hardship Information (FHI) is also reported as part of Comprehensive Credit Reporting (CCR) along with your Repayment History Information (RHI), so please be aware of this important change when you are considering the lodgement of a financial hardship claim.
We will provide the following information to Credit Reporting Bodies (CRBs):
We provide a 14-day grace period for all accounts. This means that if a payment is due on a weekend, or you are a few days late, and your account is otherwise in good standing, it will not be marked as overdue.
However, if a payment is more than 14 days overdue, this will be reported to the Credit Reporting Bodies (CRBs). The longer the overdue period, the greater the potential adverse impact on your credit score.
Effective March 2025, we will commence the collection of data for reporting to Credit Reporting Bodies (CRBs). This information will be submitted to Equifax and Illion on a monthly basis, starting April 2025, to ensure that your credit history remains accurate, complete, and up to date. Data will be transmitted to the Credit Reporting Bodies at the beginning of each month, reflecting the reporting period for the preceding month.
The credit reporting system is regulated by the Privacy Act and the Privacy (Credit Reporting) Code. We fully comply with all legal requirements for the collection and disclosure of customers’ personal information. For more details, please refer to our Privacy Policy, available here: https://www.umeloans.com.au/privacy-policy/
When you apply for credit or a service contract, credit providers—such as lenders and utility companies—may request access to your credit report with your consent. Reviewing your credit file is a common step in their assessment process.
