Comprehensive Credit Reporting (CCR) is improving how our Member credit information is reported to credit reporting bodies to provide a clearer picture of your credit history. This may result in more information being included in your credit report. CCR is intended to better recognise people displaying sound credit management and enhance responsible lending requirements and borrowing practices.
We have previously reported information such as the date and amount of your loan application, or if your loan is in default. Since September 2022, as part of the Comprehensive Credit Reporting (CCR) changes, we now share additional credit information about Members with credit reporting bodies, such as account open and closed dates, types of credit, credit limits and up to 24 months of repayment history.
Queensland Country Bank Limited Statement of Notifiable Matters
This Statement of Notifiable Matters complements Queensland Country Bank Limited's (Queensland Country) Privacy Policy and Privacy Notification - Lending. Under the Privacy Act 1998 and Privacy (Credit Reporting) Code (known as ‘CR Code’), there are several ‘notifiable matters’ that we are required to disclose to you at or before the time of collecting personal information that is likely to be disclosed to a Credit Reporting Body (CRB).
Queensland Country bank Limited APP Privacy Policy
This Statement of Notifiable Matters is to be read in conjunction with Queensland Country’s APP Privacy Policy. The APP Privacy Policy provides further information on the management of your credit information, including:
- How you can access and/or correct your personal information;
- Disclosures to overseas recipients; &
- Information on how to make a complaint if you believe Queensland Country has breached the Privacy Act or CR Code.
Providing your information to credit reporting bodies
Under the Privacy Act and CR Code, CRBs can handle personal information relating to credit. If you apply for credit or act as a guarantor, Queensland Country may disclose your personal information or collect personal information about you from a CRB. This information is used to assess your credit worthiness.
If you fail to meet your payment obligations in relation to consumer credit or you commit a serious credit infringement, Queensland Country may disclose this to a CRB.
Queensland Country uses Equifax Australia Information Services and Solutions Pty Ltd ABN 26 000 602 862 (Equifax). Equifax also discloses to Queensland Country credit information in the form of scorecards, referred to as an Equifax Credit Report. Your Equifax Credit Report is a credit rating that may be used by Credit Providers, including Queensland Country, when deciding whether to accept your application for a loan or credit. The scorecards have been designed to meet credit information compliance requirements defined under the Privacy Act.
You can contact Equifax by:
CRBs may also use your credit information for the purposes of direct marketing pre-screening when this is requested by credit providers. You may request the CRBs not use your information for this purpose by contacting Equifax on the details above to opt-out.
If you have or reasonably believe you have been a victim of fraud, you may contact a CRB and request your information not be disclosed for the fraudulent period.
Comprehensive Credit Reporting
Comprehensive Credit Reporting (CCR) is improving how Member credit information is reported to CRBs to provide a clearer picture of your credit history. This may result in more information being included in your credit report. CCR is intended to better recognise people displaying sound credit management and enhance responsible lending requirements and borrowing practices.
We have previously reported information such as the date and amount of your loan application, or if your loan is in default. From September 2022, we will start sharing additional credit information, such as account open and closed dates, types of credit, credit limits and up to 24 months of repayment history.
Frequently Asked Questions
When is Comprehensive Credit Reporting coming into effect?
Queensland Country Bank will commence Comprehensive Credit Reporting from September 2O22.
What is Credit Reporting?
Credit Reporting is the sharing of Members' credit information between credit providers and credit reporting bodies. A credit report is a summary of how you have managed your credit facilities and may be used by credit providers to help them decide whether to offer you credit and at what terms. Previously, your credit report may have included data such as the date of your loan application, any defaults on your loan or bankruptcies. With CCR your credit report includes additional information such as when you opened and closed a credit account, account type, credit limits you have, and up to 24 months of repayment history.
Who are Credit Reporting bodies in Australia?
Credit reporting bodies are independent organisations that securely report credit and personal information to credit providers to help them assess a credit application. Queensland Country Bank works with Equifax Australia.
What does Comprehensive Credit Reporting mean for you?
CCR means it’s more important than ever to make repayments on time. Making at least the minimum repayments on time will ensure your credit report is not negatively impacted. 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. To avoid missing a payment, consider setting up direct debit (such as AutoPay for credit cards).
Will late payments 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 the late payment will appear on your credit report issued by that body.
Will defaults be shown on my credit report?
If you were in default as of 1st September 2022, and the default has been reported to a credit reporting body, then this will appear on your credit report issued by that body. Any default after the 1st of September will also be recorded.
Will credit information be reported if I am a guarantor? How does CCR impact me?
We will not report the new types of comprehensive credit information on guarantors. Although we may still report information about a loan application secured by a guarantor or a default.
Who can see my credit data?
Your credit data can be viewed by credit providers when you apply for a credit facility and a credit check is carried out as part of your credit application process, and for a limited number of other reasons.
By law, your credit report can only be accessed by others in legally permitted circumstances. That is why, when you ask for your credit report, it will show you whenever someone else has accessed your credit report.
Can I see my credit profile?
You can request one free credit report from each of the three credit reporting bodies every three months. Visit creditsmart.org.au for information on where to get your free credit report.
What can I do if my credit report 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.
How will my credit information be stored?
Your data will be securely stored by Credit Reporting bodies that we have entered into agreements with.
Can I opt out of Comprehensive Credit Reporting?
You cannot opt out of Comprehensive Credit Reporting. To learn more about Comprehensive Credit Reporting you can visit the CreditSmart website.
Is it legal to share my data?
Yes, provided data is only shared in accordance with the Privacy Act and in accordance with Queensland Country Bank’s Privacy Policy.
What can I do if I am experiencing financial difficulties?
If your financial situation has changed and you are worried that you will not be able to make your repayments on time, it’s essential you contact us straight away. We have a range of ways that we may be able to help you. Please visit Financial hardship for help.
More Information
To learn more about Comprehensive Credit Reporting you can visit the CreditSmart website.
