Wednesday 29th August 2018
Equifax has released their findings on the Comprehensive Credit Reporting (CCR) data supplied to date to give an indication of how the industry is progressing and to help break down the key attributes and benefits of the new data. We’ve pulled out some of the key points we thought you might be interested to know as they may impact you.
Remember that only 40% of the retail credit market have supplied CCR data to Equifax, so you may still see a change in your credit score over the coming months as more data is added. Overall, CCR has already started to have a positive impact on the industry with over 1.5 Million Individuals now having a credit history where they didn’t before, additionally a number of individuals are now considered “low risk” where previously were considered higher. We will continue to keep you up to date as CCR reaches full strength.
How To Find CCR Data In Your Credit Report
If you would like to see if any comprehensive credit data has been added to your report on accounts like credit cards, home loans and personal loans etc you can get your credit report directly from Equifax here. To identify CCR data on your report you should look for the following information:
Full Industry Report
See below for an extract from Equifax’s CCR State of the Industry report. If you’re interested to learn even more you can access the full report on Equifax’s website.
Disclaimer: The information contained in this article is general in nature and does not take into account your personal objectives, financial situation or needs. Therefore, you should consider whether the information is appropriate to your circumstance before acting on it, and where appropriate, seek professional advice from a finance professional such as an adviser.