Powered by MOMENTUM MEDIA
subscribe to our newsletter

Major bank rolls out CCR for customers

NAB has become the first major bank to begin utilising comprehensive credit reporting (CCR), rolling out the new system for personal loans, credit cards and overdrafts.

The draft legislation for mandatory comprehensive credit reporting — which aims to address the “information asymmetry” that currently gives consumers more access to their credit risk than the credit provider — was released earlier this month, with a consultation on the mandatory regime currently open until Friday, 23 February.

The Treasurer has said that CCR could result in “better deals” on loans, as it will enable lenders to access both positive and negative credit reports — and therefore price loans accordingly.

CRR can help give customers “the right type and amount of credit”

Ahead of the mandatory regime coming into effect, NAB has become the first major bank to start participating in CCR, rolling it out for personal loans, credit cards and overdrafts and with the view of extending it to other products in the future.

Advertisement
Advertisement

It added that “other types of lending” will be included “later this year”.

NAB chief operating officer Antony Cahill commented: “Under comprehensive credit reporting, we now have a more holistic picture of a customer’s credit situation, so we’re better able to make sure our customers receive the right type and amount of credit for their individual circumstances.

“We believe CCR is good for competition and will mean better outcomes for customers.”

Noting that a number of smaller lenders have already begun participating in the scheme and that it will soon become mandatory for the major banks, Mr Cahill said: “We’re pleased to be going live with CCR today, and we look forward to seeing it roll out across the industry.”

NAB first announced that it would be rolling out CCR in October last year, and it has since said that it is phasing its roll-out of CCR to ensure “a smooth transition for customers”.

PROMOTED CONTENT


[Related: Why positive credit reporting is such a big deal for our industry]

Major bank rolls out CCR for customers
mortgagebusiness

Are you a new-to-industry broker in the process of growing your business? Then there’s some great news: The Adviser’s New Broker Academy is back in 2021 and will provide you with essential insights into cutting-edge tools, strategies and processes to fast-track to success. Don’t miss your chance to attend. To secure your FREE place, visit newbroker.com.au now!

Annie Kane

Annie Kane is the editor of The Adviser and Mortgage Business.

As well as writing about the Australian broking industry, the mortgage market, financial regulation, fintechs and the wider lending landscape – Annie is also the host of the Elite Broker and In Focus podcasts and The Adviser Live webcasts. 

Contact Annie at: This email address is being protected from spambots. You need JavaScript enabled to view it.

Latest News

The chief of Australia’s largest bank has said lenders should act pre-emptively and shift their floor rates for mortgage serviceability am...

Total household wealth reached a high of $13.4 trillion in the June quarter, primarily due to rising property prices, according to the Aust...

The property exchange settlement platform has been granted approval to establish an Electronic Lodgement Network in the ACT.  ...

Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

How long do you think it should take to discharge a mortgage?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.