What's changing?Show more
From 30 June 2019, we will be sharing additional credit information about customers with credit reporting bodies as part of the Comprehensive Credit Reporting (CCR) changes.
Today, we report information such as the date of your loan application, or if your loan is in default. Under CCR we’ll also report:
- When your loan accounts were opened and closed
- Your current credit limits
- Your repayment history, including whether you’ve made payments on time
What's Credit Reporting?Show more
Credit Reporting is the sharing of customer information regarding credit products between credit providers and credit reporting bodies.
Credit reporting bodies are independent organisations that securely report credit and personal information to credit providers to help them assess a credit application.
What's Comprehensive (Positive) Credit Reporting?Show more
CCR is a reporting system where credit providers, such as Banks, are required to share customers’ credit histories. This helps financial institutions make more informed lending decisions. Under Comprehensive Credit Reporting, credit providers share both positive and negative credit data.
When is Comprehensive Credit Reporting coming into effect?Show more
AMP Bank will commence Comprehensive Credit Reporting from 30 June 2019.
Why are we adopting Comprehensive Credit Reporting?Show more
AMP Bank is adopting CCR in line with industry standards, and as part of our commitment to responsible lending to our customers.
The major banks have already adopted CCR and other credit providers are working towards it.
What does Comprehensive Credit Reporting mean for you?Show more
Under CCR we may share your credit information with credit reporting bodies. This information will give credit providers a more comprehensive view of your credit history, enabling them to make a more informed assessment of your ability to repay the loan.
I'm a few days late on my home loan payment. Will this be shown on my credit report?Show more
If your payment is more than 14 days late, and your repayment history has been provided to a credit reporting body, then this will appear on your credit report issued by that body.
I have defaulted on my loan. Will this be shown on my credit report?Show more
Yes, if you are in default as of 30 June 2019, and the default has been reported to a credit reporting body, then this will appear on your credit report issued by that body.
What if i'm a guarantor? How does CCR impact me?Show more
We will not report credit information on guarantors. Only a borrower’s credit information is reported.
How can I see my credit profile?Show more
If you’d like to see your credit profile, you can request a free credit report from any credit reporting body one a year. You can also contact Credit Smart to obtain a copy of your credit report.
New information that AMP will report under CCR will be visible on your credit report by the end of the year.
Which credit reporting bodies do we use?Show more
AMP Bank works with three credit reporting bodies in Australia: Equifax, Illion and Experian.
I'm worried about my privacy, can I opt out of Comprehensive Credit Reporting?Show more
No, you cannot opt out of Comprehensive Credit Reporting.
Who can see my credit data?Show more
Your credit data can be viewed by credit providers when you apply for credit and a credit check is conducted as part of your credit application process.
Where will my data be stored?Show more
Your data will be securely stored by Credit Reporting bodies that we have entered into agreements with and will be stored on servers in Australia.
What can I do if my information is not correct?Show more
If you believe there is an error on your credit report, you can contact the credit reporting body where you obtained your report, or contact the financial institution that provided the incorrect information and ask them to investigate.
I'm not able to make my repayment on time. What can I do?Show more
If you’re having trouble making your repayments on time, please call 13 30 30 between 8am – 8pm Monday to Friday, and 9am – 5pm on Saturday (AEST).
Important informationShow more
The credit provider and bank product issuer is AMP Bank Limited 15 081 596 009, AFSL and Australian Credit Licence 234517.