Melos Sulicich
MyState Bank will be in a better position to match customers with the right type of product for their specific credit situation, after the nation-wide bank today announced it has become one of the first banks in Australia to be fully compliant with Comprehensive Credit Reporting (CCR) obligations.
Under the CCR regime, positive credit history, such as on-time loan repayments, will be recorded on an individual’s credit report. Previously, only negative information, such as missed payments, was recorded.
CCR is seen as an important tool for consumers to take control of their credit reputation. It will also allow banks and other licensed credit providers to access a more holistic picture of a consumer’s credit profile, enabling them to make more informed and responsible lending decisions.
MyState Bank is now one of the first banks in Australia to voluntarily have 100 per cent of its positive consumer credit data ready for reporting. Meanwhile, CCR has been partially mandatory for the major banks, who are required to share 50 per cent of customer data with Credit Reporting Bodies (CRBs), rising to 100 per cent by September this year.
Managing Director and CEO Melos Sulicich said future MyState customers are the biggest beneficiaries from the bank’s move to a more robust, transparent and fairer reporting of credit.
“Overall, customers can expect a more accurate credit score reflective of their actual behaviour. For instance, if a customer has missed one or two payments in a long credit history they are unlikely to be unnecessarily penalised,” said Mr Sulicich.
“For MyState Bank, the onboarding of CCR puts us in the best possible position to ensure we are aligning our products with the best interests of customers, based on their personal credit-related behaviour.”
