October 2018 Communiqué

Comprehensive Credit Reporting

31 October 2018

Comprehensive Credit Reporting

We would like to notify you on some of the changes that are taking place at Australian Military Bank, in relation to your credit information. Comprehensive Credit Reporting is rolling out across multiple financial institutions in Australia, and will affect the way you borrow money from us.

What is CCR?

Comprehensive Credit Reporting (CCR), also known as positive credit reporting changes the type of consumer credit information that can be collected by credit bureaus and used by credit providers when making lending decisions. CCR includes information on repayment history from credit cards, home loans and personal loans; whether you have made a payment or minimum payment required; and whether the payment was made in time or not.

What this change means for you?

Using positive credit information, lenders can better assess the current borrowers’ credit history and make a comprehensive, balanced assessment. It may also mean you get approved quicker.

How to preapre for Comprehensive Credit Reporting?

To ensure that your credit report looks favourable, we recommend you take the following steps:

  • Call the bank if you are unable to make your repayment
  • Only apply for new loans when you really need it
  • Don’t make multiple credit enquiries while shopping around
  • Avoid high interest payday loans
  • Avoid increasing your credit card limit
  • Don’t apply for multiple credit cards to chase reward points
  • Consider setting up direct debit to avoid missing a payment


1. What has changed?

Over time, once the relevant data is provided by lenders, credit reports will include information about consumer credit liabilities and repayment history. This is in addition to the information already included in credit reports.

Consumer credit liability information includes:

  • Types of credit accounts;
  • Dates these accounts were opened and closed;
  • Details of the respective credit providers;
  • Credit limits on these credit accounts.

Repayment history information includes:

  • Information relating to consumer credit such as credit cards, personal loans or home loans;
  • Whether required minimum payments were made;
  • Whether payments were made on time;
  • 24 month account payment history.

2. What are the benefits for our members?

Our members may benefit from the inclusion of positive information in credit reports. A positive credit history may be established in a shorter period, and should you encounter a negative credit situation such as a late payment, it may be easier to show when you have recovered. More recent positive credit behaviour may also balance earlier negative credit behaviour.

3. What happens If i pay my bill late?

It is important to ensure that you pay your bills on time to avoid any negative impacts on your credit report. If your payment is not made by the due date, it may be recorded in your credit report as part of your repayment history. Repayment history information is kept on your credit file for two years. Default information is kept on your credit file for five years. Therefore, it is important that if you are experiencing financial hardship, contact us as soon as possible.

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