An all new comprehensive credit reporting system to assess all risks
From 12th March, a new comprehensive credit reporting system will be enforced and introduced to the people of Australia. The arrival of the new credit reporting system had been slated for March and aims to alter the methodology that leaders incorporate in order to measure the risks that crop up with a new clientele base.
Under the new CCR system, one can access a wide variety of information ranging from monthly bills to credit cards and from details of personal loans to repayment history. This modification carries an added benefit as well. At present day, one cannot gain access to all the intrinsic details and henceforth, the amount of information is very limited. Even information regarding bankruptcy and defaults on the part of the leaders are not highlighted.
This new system has been created with the belief that the changes can bring Australians at par with the Americans as well as the British since they have knowledge regarding active usage of the credit score.