Comprehensive Credit Reporting

What is comprehensive credit reporting?

Comprehensive credit reporting (CCR) was introduced in Australia to provide a more complete and clearer picture your credit history. These changes may make it easier (or for some people harder), to get credit or a loan.

CCR information on active consumer credit accounts is shared with credit reporting bodies. The information shared with credit reporting bodies includes:

• Details of consumer or commercial credit that you have applied for (including the name of the relevant credit provider), the type and amount of that credit and the fact that a credit provider has sought information about you from a CRB in relation to an application for credit
• The type of credit you have or had e.g. home loan, asset finance loan
• The date the credit account was opened or closed
• The credit limit
• Repayment History Information which shows if an account has been paid on time
• Financial hardship information which shows if a financial hardship arrangement was entered into
• Default information on accounts which have been overdue for 60 days or more and greater than $150
• Payment information with respect to previously reported defaults
• Serious credit infringements
• Court proceedings information such as judgements which relate to credit
• Personal insolvency information such as information relating to bankruptcy
• Administrative information relating to credit such as account numbers

Credit reporting bodies (CRBs)

CRBs are businesses that provide credit reports to credit providers to help with assessing whether to lend money. Each CRB has a privacy policy on their website which provides information on how your information is used.

Pepper Money provides your information to three credit reporting bodies: Equifax, Experian and Illion

What is a credit report

A credit report is a summary of your credit history information, including the types of credit you’ve applied for, credit you’ve had and how you’ve repaid those debts. Your credit report includes the most recent 24 months history of whether you have made repayments on time (Repayment History Information).

Getting a copy of your credit report

You have the right to request one free credit report every three months from each of the three credit reporting bodies named above.

You can also request a free copy of your credit report from each of the three credit reporting bodies if:

• You’ve been refused credit within the past 90 days; or
• Your credit related personal information has been corrected.

If you are not eligible for a free copy, a credit reporting body may charge a fee for a credit report.

To get a copy you need to contact each of the credit reporting bodies who will have your most up-to-date credit report. You can learn more about credit reports at Financial Support Hardship Assistance

What’s a credit score

Credit reporting bodies (CRBs) calculate a credit score to provide an indication of how likely you are to pay back the money you owe to a credit provider. The higher your score, the more likely you are to pay back a loan. Each CRB may use a different scoring method to calculate your credit score.

Repayment History Information (RHI)

Your credit report will include RHI which shows if you have made your repayments on time, were late or missed a payment on a credit product. If you have made your minimum monthly repayment on time, the payment will show on your credit report as being paid on time and this should positively impact your credit score.

There is a 14-day grace period on repayments. Pepper Money calculates these grace days as calendar days, regardless of weekends or public holidays. If you miss a payment or make a late payment after the grace period, it may be recorded on your credit report.

Missed payments won’t permanently impact your credit report as RHI is on your credit report for 24 months.

How late and missed payments impact your credit score is determined by each CRB.

Remember that any payments past their due date will be charged a late fee.

CCR and financial hardship

If you are finding it difficult to make loans repayments, you may be experiencing financial hardship.

If you enter into a financial hardship arrangement, this may be shown on your credit report as an ‘A’ or a ‘V’ (depending on the type of hardship arrangement) that will show next to your RHI and will remain on your credit report for 12 months.

However, the reason for the hardship arrangement is not included in your credit report or the details of the arrangement.

CRBs cannot use FHI when calculating a credit score.

For more information on financial hardship and comprehensive credit reporting, or if you are having trouble making your loan repayments, you can call us on 1800 185 914 and find out more at https://www.peppermoney.com.au/financial-support.

What does CCR mean for you?

Your credit report will include RHI including if you made a payment on time, were late or missed a payment on your loan. Each time you make your minimum monthly repayment on time this has a positive impact on your credit report.

RHI may be used to assess application when you apply for credit. Given this, it’s important to make payments on time so the RHI shows as paid on time on your credit report.

If you’ve missed a repayment, restarting your payments, and getting back up to date as soon as possible will help improve your credit report and your credit score. Each time you make your minimum monthly repayment on time this has a positive impact on your credit report.

Other rights related to CCR data

Your rights to access credit information - You can access credit information that Pepper Money holds about you and request to amend any incorrect information at the time of application.

You can also ask another credit provider to correct your credit report, however, it’s usually faster for you to go directly to the CRB or the credit provider that listed the information.

Direct marketing/pre-screening - Personal information in your credit report cannot be used by a CRB or a credit provider for direct marketing. But credit providers can ask CRBs to use your credit information to pre-screen you for direct marketing purposes. A pre-screening assessment is an assessment of individuals to see if they satisfy particular eligibility requirements of a credit provider to receive direct marketing. You can tell a CRB not to do this.

Preventing identity fraud If you think you've been a victim of fraud (including identity fraud) or have transactions you don’t recognise on your Pepper Money accounts you should contact us straight away. You can also request a CRB not to use or disclose they information they hold about you. If you do this, the CRB mustn’t use or disclose the information during an initial 21-day period without your consent (unless disclosure is required by law). This is known as a ban period.

If, after this initial 21-day ban period, the CRB believes on reasonable grounds that you continue to be, or are likely to be the victim of fraud, the CRB must extend the ban period as they think reasonable in the circumstances. The CRB must give you a written notice of the extension.