February 21, 2014
In what is probably news to most people Comprehensive Credit Reporting (CCR) is in the process of changing.
What is CCR?
CCR is the process by which credit information can be shared by lenders. Historically lenders were restricted to negative credit reporting.
As of 12 March 2014 this is all set to change, with lenders shifting from negative credit reporting to comprehensive credit reporting.
The change in Legistlation will broaden the scope of the information about accounts that people currently have and will include details of how well they meet their repayment commitments.
The new credit reporting will include items such as the date the account was opened, the current limit of the account, the nature of the account, account payment history and the date the account was closed.
If you want a broker who keeps up with the changes in Legislation and home loan products why not give me a call on (08) 9317 4814 or 0457 227 227.