Comprehensive Credit Reporting: How it can help you borrow
14 May 2020
Many Australians are still feeling the financial stress caused by the COVID-19 pandemic. With this in mind, Suncorp Bank is excited to announce our participation in Comprehensive Credit Reporting (CCR) — which will help our customers demonstrate good financial behaviour and better manage their credit profile.
What is Comprehensive Credit Reporting?
Where credit reports previously included only negative consumer credit information, such as loan defaults, CCR now includes richer consumer credit information such as:
- Repayment history (up to 24 months)
- Facility limit (the maximum amount of available funds). For a credit card, line of credit or overdraft, this is your approved limit and for other facilities, such as standard home loans or personal loans, it’s the outstanding balance plus any advance payments made.
How does Suncorp Bank use a credit report?
Suncorp Bank uses credit report information — along with other details you may provide during the loan application process — to understand how much debt you have and how well you’re paying it off. This helps us decide if and how much we’ll lend to you.
From 8 June 2020, thanks to CCR, that information will include richer data on consumer credit reports for home loans, personal loans, credit cards and personal overdrafts.
What are the benefits for customers?
With CCR, making your credit card and loan repayments on time will reflect positively on your credit report — giving you the ability to demonstrate your good credit history over a 24-month period.
For us, this means we can see a fuller, clearer picture of your credit history. For you, it means making your repayments on time can work in your favour to:
- highlight good credit behaviour
- quickly establish credit worthiness, and
- offer a more accurate picture.
How can you get a copy of your credit report?
To obtain the most recent version of your credit report, you’ll need to contact a Credit Reporting Body (CRB), such as Equifax. All individuals are entitled to one free credit report per year from each of the three main CRBs. Visit the Credit Smart website for contact details of the CRBs.
Suncorp Bank can only provide you with a copy of your credit report that we obtained at the time of your most recent loan application with us, which won’t show any changes or repayments made since then.
Please note: If you have applied for a COVID-19 hardship assistance package and were up to date on your repayments at the time assistance was sought, Suncorp will report your repayment history as being up to date during the agreed relief period.
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Information is intended to be of a general nature only and any advice has been prepared without taking into account any person's particular objectives, financial situation or needs. You should make your own enquiries, consider whether advice is appropriate for you and read the relevant Product Information Document before making any decisions about whether to acquire a product.
Banking products are issued by Suncorp-Metway Ltd (“Suncorp Bank”) ABN 66 010 831 722 AFSL No 229882. Fees, charges, terms and conditions apply and are available on request.
National Australia Bank Limited (ABN 12 004 044 937, AFSL and Australian Credit Licence 230686) (“NAB”) is the credit provider and issuer of Suncorp Clear Options Credit Cards. Suncorp-Metway Ltd ABN 66 010 831 722 (“Suncorp Bank”) promotes and distributes Suncorp Clear Options Credit Cards on NAB's behalf under an agreement with NAB. NAB has acquired the business relating to this credit from Citigroup Pty Ltd (ABN 88 004 325 080, AFSL and Australian Credit Licence 238098) (“Citi”) and has appointed Citi to assist to administer the Credit Cards. Suncorp Bank will not guarantee or otherwise support NAB's obligations under the contracts or agreements connected with the Credit Cards (other than those relating to Suncorp Internet Banking and Suncorp Telephone Banking).