Comprehensive Credit Reporting (CCR)

FAQs

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

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.

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.

AMP Bank will commence Comprehensive Credit Reporting from 30 June 2019.

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. 

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.

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. 

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.

We will not report credit information on guarantors. Only a borrower’s credit information is reported.

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.

AMP Bank works with three credit reporting bodies in Australia: Equifax, Illion and Experian. 

No, you cannot opt out of Comprehensive Credit Reporting.

Yes, this is covered under the Privacy Act and AMP Group Privacy Policy and AMP Bank Credit Reporting Policy.

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.

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.

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.

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).

To learn more about Comprehensive Credit Reporting you can visit Credit Smart website. Alternatively, you can contact us on 13 30 30 between 8am – 8pm Monday to Friday, and 9am – 5pm on Saturday (AEST).

Important information

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The credit provider and bank product issuer is AMP Bank Limited 15 081 596 009, AFSL and Australian Credit Licence 234517.