Comprehensive Credit Reporting (CCR) has been permissible in New Zealand since 2012. CCR (or positive reporting as it is often referred to) allows for more information to be collected and reported by credit reporters such as Equifax. It expands the information that credit reporters can collect and in doing so, provides a more balanced view of an individual's credit history.
The information contained in Equifax's credit reports prior to April 2012 is considered 'negative' or ‘adverse’ credit information.
In addition to the negative information such as previous credit enquiries, defaults etc, CCR allows for the following data to be collected and reported on:
- Type of account, e.g. credit card, personal loan, home loan, utilities, telecommunications service
- Amount of credit extended, i.e. a credit limit, but not current balance
- Status of account as open or closed (and dates opened and closed)
- Details of credit provider i.e. the lender of the account
- 24 months repayment history
The value of repayment history
Repayment history data offers credit providers valuable insights into their customers’ credit behaviour. This information can alert credit providers to hardship or financial difficulty and ensure a customer isn't further indebted without having sufficient capacity to repay financial commitments. Repayment history also gives consumers the ability to demonstrate they have rehabilitated their credit behaviour following an adverse event; for example, a clear repayment history over a period of up to 24 months after a payment default. This data may then allow the consumer to access quality credit at a more reasonable price without being penalised for a previous adverse event.
CCR data can enhance your business
Equifax was at the forefront of the credit industry lobbying for the required changes to the Credit Reporting Privacy Code to allow CCR to be introduced into New Zealand. We continue to lead the market in CCR product innovation and offer a comprehensive range of products and services that can enhance your business decisions across the credit risk lifecycle.
Some of these products include:
- CCR-enriched credit enquiries
- Origination and behavioural bureau scores
These products are available to you as a credit provider when you subscribe to supply CCR data to Equifax.
I am a credit provider interested in participating in CCR – who can I contact?
Equifax has established processes to help credit providers through the journey to CCR data supply. Please contact your Equifax Account Manager or email us at email@example.com.
Principles of Reciprocity
Reciprocity rules apply to your use of the CCR service. Equifax will only share your data according to RCANZ Principles of Reciprocity.