Commonwealth Bank today confirmed that it will participate in a Comprehensive Credit Reporting (CCR) regime in 2018, which is set to deliver benefits to the Australian economy.
CBA Executive General Manager for Home Buying, Dan Huggins, said the objectives of CCR will deliver several benefits for the economy including increasing competition, increasing access to credit and lowering prudential risk by providing lenders with a more holistic view of a customer’s finances.
CBA has also committed to APRA to use CCR data to enhance the residential mortgage process before the end of 2018.
Our initial focus will involve supplying and collecting positive credit data for home loan accounts as this aligns with our position as the largest home loan provider and the need to ensure we understand customers’ other financial debts.
“For consumers, it will improve access to credit and help facilitate competition, and for financial institutions, it will support stronger lending by providing a holistic view of a customer’s finances. We believe CCR will help ensure credit markets are able to operate more competitively, efficiently and effectively.
“Consumers credit data is one of the most highly sensitive categories of personal information and we are committed to working constructively with the regulator and the wider industry to find practical solutions that address key concerns including customer privacy and security.”