What Is Comprehensive Credit Reporting?

Comprehensive Credit Reporting also known as CCR, is a reporting system, where credit providers, like us, are required to share certain customer information with the credit reporting bodies to be included in their credit reports.

This information we share with credit reporting bodies, amongst other information, includes:

• The type of credit you have (e.g. home loan, credit card)
• The date the credit account was opened and the date it was closed
• The maximum amount of credit available
• Repayment history information (RHI) - which records over a 24-month period, if account payments were made on time or not
• Financial hardship information and whether you're keeping to the terms of that arrangement

What does Comprehensive Credit Reporting mean for me?

Under CCR, credit providers share both positive and negative information. This information gives credit providers a more holistic understanding of your credit history to make a more informed assessment of your ability to repay a loan.

Information such as RHI on your credit report may be considered when assessing your application. To help avoid missing a repayment, you may wish to set up a direct debit via AutoPay. Learn how to setup Autopay here.

Which credit reporting bodies do Unloan use?

We share your CCR information with Experian, who share it with the other two reporting bodies – Equifax and Illion.  

This article is intended to provide general information only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice. Please consider seeking financial advice before making any decision based on this information.‍

Unloan is a division of Commonwealth Bank of Australia.

Applications are subject to credit approval; satisfactory security and you must have a minimum 20% equity in the property. Minimum loan amount $10,000, maximum loan amount $10,000,000. 

Unloan offers a 0.01% per annum discount on the Unloan Live-In rate or Unloan Invest rate upon settlement. On each anniversary of your loan’s settlement date (or the day prior to the anniversary of your loan’s settlement date if your loan settled on 29th February and it is a leap year) the margin discount will increase by a further 0.01% per annum up to a maximum discount of 0.30% per annum. Unloan may withdraw this discount at any time. The discount is applied for each loan you have with Unloan.

There are no fees from Unloan. However, there are some mandatory Government costs depending on your state when switching your home loan. For convenience, Unloan adds this amount to the loan balance on settlement.

* Other third-party fees may apply. Government charges may apply. Your other lender may charge an exit fee when refinancing.