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Jan 25, 2019

Comprehensive Credit Reporting System (CCR)

CCR is a system whereby lenders will share more of your financial details with credit bureaus.  Whereas in the past, most of the information held on file focussed on negative traits eg: summons, writs etc, under the new CCR regime, a lot more information will be provided to enable the banks to make a more informed lending decision.  Additional information will include the amount of any outstanding loan facilities, whether an application was approved/declined, when it was approved/declined, the payments on that loan, when it was closed and the conduct of that account.  Any arrears, late payments or instances of the debt exceeding the approved limit will also be shown.

We see this as a significant improvement on the previous system where the number of credit enquiries made irrespective of whether they proceeded or not significantly affected your credit rating.  The old system didn’t show the type of loan, the payments, whether the application was approved or declined or whether it proceeded or not.  Now the CCR will highlight good conduct and show the terms & conditions of existing loans which should be a win for the vast majority of our clients.  There is a flipside however and that is that it is very important to make your payments on time and to observe the approved limit.  The banks will take a very dim view of someone for example whose credit record shows the limit on their credit card is regularly exceeded and the monthly payment is often late if only by a day.  The message is “ keep your financial nose clean”.

 

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