Comprehensive Credit Reporting (CCR), also known as positive reporting and open banking regime is a new system of credit reporting that is gradually being implemented in Australia and may affect you and your credit score, we explain how it works. This article originally appeared on Credit Savvy and has been republished with permission.
We take a fascinating look at Australia’s spending and saving habits and how they vary across the country. How do you compare in the mix?
Wages growth in Australia has been pretty flat in recent years, so you might think the chances of a pay rise to boost your borrowing power are low. But if you don’t think you’re getting paid enough it could still be worth a try. We investigate how to boost your chances of success when negotiating a pay rise.
Do you have to stay in your 9 to 5 job to buy a home? We look at what self-employed workers need to consider when applying for a home loan.
You’ve probably learnt a lot of important facts about your partner while getting to know them – their birthday, the names of their family members, where they work, if they have any allergies – but have you ever talked about their credit score?
Living and working overseas is a rite of passage for many Australians. Whether it’s the rainy streets of London or the bright lights of Bangkok, 18.7 million citizens left our shores in 2016 and over one million live outside Australia today. But when the time comes to make major life decisions like settling down and buying a house, it seems there’s no place like home. 75% return within two years of their intended ‘permanent’ departure and with increasing unrest around the world, these numbers are set to rise. If you’re returning from overseas, we look at what you may need to think about to secure a loan and make those major life decisions a reality.
From changing your mindset to separating your accounts, here’s how to help yourself become a reformed spender and a well-trained expert in saving.
Investment income can provide a welcome boost to your borrowing power, but it’s just one alternative source of income that lenders may use when assessing your loan application. We take a look at some other sources of income your lender might consider, and what they’ll want to see before they take it into account.
Whether you call it CCR (Comprehensive Credit Reporting), or Positive Reporting, or you’ve just read something in the press that’s made you go “Hang on, is my credit report going to change?” – the bottom line is that there are changes coming to Australia’s credit reporting system that you should know about.
Have you checked your credit score or credit report once and then just forgotten about it?