From 30 June 2019, we started to share additional credit information about customers with credit reporting bodies as part of the Comprehensive Credit Reporting (CCR) changes.
We have always reported information such as the date of your loan application, or if your loan is in default. Under CCR we also now 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 is credit reporting?
Credit Reporting is the sharing of customer information regarding credit products between credit providers and credit reporting bodies.
Who are 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?
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 did Comprehensive Credit Reporting come into effect?
AMP Bank commenced Comprehensive Credit Reporting from 30 June 2019.
Why did we adopt Comprehensive Credit Reporting?
AMP Bank adopted CCR in line with industry standards, and as part of our commitment to responsible lending to our customers. All the major banks have already adopted CCR and other credit providers are working towards it.
What does Comprehensive Credit Reporting mean for you?
Under CCR we share your credit information with credit reporting bodies. This information gives 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?
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?
Yes, if you were 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?
We will not report credit information on guarantors. Only a borrower’s credit information is reported.
Which credit reporting bodies do we use?
AMP Bank works with three credit reporting bodies in Australia: Equifax, Illion and Experian.
Is it legal to share my data?
I'm worried about my privacy, can I opt out of Comprehensive Credit Reporting?
No, you cannot opt out of Comprehensive Credit Reporting. To learn more about Comprehensive Credit Reporting you can visit the Credit Smart website.
Who can see my credit data?
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?
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?
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?
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).
Want more information?
To learn more about Comprehensive Credit Reporting you can visit the Credit Smart website.
Alternatively, you can contact us on 13 30 30 between 8am – 8pm Monday to Friday, and 9am – 5pm on Saturday (AEST).
What you need to know
The credit provider and bank product issuer is AMP Bank Limited 15 081 596 009, AFSL and Australian Credit Licence 234517.