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Consultation opens on CCR

Consultation opens on CCR

The Treasury has launched a consultation on the new mandatory comprehensive credit reporting regime, which will come into effect next month.

Interested parties are being asked to submit their responses to the exposure draft of the National Consumer Credit Protection Amendment (Mandatory Comprehensive Credit Reporting) Regulations 2018.

The legislation will amend the Credit Act to mandate that lenders share comprehensive credit information with credit reporting bodies. A voluntarily regime of a similar kind has been in place since March 2014; however, low levels of participation have led the government to mandate it.


The CCR regime will require the four largest banks to supply 50 per cent of their consumer credit information within 90 days of 1 July 2018 to all credit reporting bodies they had an existing agreement with on 2 November 2017.

Within 90 days of 1 July 2019, the same banks will need to supply credit information on their remaining accounts to the same credit reporting bodies.

The type of information to be provided includes the number and type of credit accounts held.

The regulations that are currently open for consultation aim to implement a range of provisions within the National Consumer Credit Protection Amendment (Mandatory Comprehensive Credit Reporting) Bill 2018, such as:

  • excluding certain types of accounts from being supplied within the mandatory regime;
  • specifying additional events which require ongoing reporting under the mandatory regime;
  • placing restrictions on credit reporting bodies from disclosing information they have received or derived through the mandated regime;
  • setting out the types of information that credit providers and credit reporting bodies must include in statements to the Treasurer; and
  • setting out circumstances when the Australian Securities and Investments Commission can issue an infringement notice for a civil penalty.

Speaking of the consultation, Treasurer Scott Morrison said: “The Turnbull government is ensuring Australians can get better deals on their loans… releasing an exposure draft so interested parties can have their say on the new Mandatory Comprehensive Credit Reporting regulations.”

He added: “Comprehensive credit reporting is not a new principle in our regulatory framework. Lenders have had the ability to share comprehensive credit information on a voluntary basis since 2014 but have failed to do so. The major banks have failed to join and provide the critical mass necessary to attract other credit providers into the system.

“Mandatory Comprehensive Credit Reporting will ensure lenders have access to a deeper, richer set of data, encouraging new entrants and small lenders, including innovative fintech firms, to compete for small business and retail customers with positive credit histories.

“It also ensures competition in the lending market by reducing the credit data advantage held by the major banks.”

Interested parties are asked to submit their responses by 13 June 2018.

[Related: Major bank rolls out CCR for customers]

Consultation opens on CCR


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