Definition
Comprehensive credit reporting, or CCR, is the approach that lets personal credit reports show good conduct, like on-time payments and open accounts, as well as adverse entries such as defaults and judgments. It gives lenders a fuller picture. For business owners, it matters because lenders often check directors' and sole traders' personal files when assessing business finance.
Comprehensive credit reporting changed credit files from a record of mostly bad news into a fuller history.
What it adds
Personal credit files can now show account types, limits, repayment history and financial hardship information, as well as defaults, judgments and insolvency. What may legally appear on a report is set out by the OAIC.
Why business owners should care
Lenders to small businesses usually look at the personal files of sole traders, directors and guarantors. A pattern of late personal repayments can count against a business application; a long run of on-time repayments can help. Our guide to comprehensive credit reporting for business owners goes further.
Simple habits
Automate personal repayments, check your report before applying and dispute errors. When you are ready, make one enquiry; there is no credit check at that first step.
Common questions
What is repayment history information?
A monthly record showing whether repayments on certain consumer credit accounts were made on time or how late they were.
Does CCR cover business loans?
Mostly it covers personal, consumer accounts. Business credit is reported on commercial files, but lenders often check both.
Sources and further reading
Related terms