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Having a complete picture of a borrower’s financial position promises many benefits for lenders, brokers and borrowers alike. With comprehensive credit reporting on Australia’s doorstep, The Adviser speaks to industry participants about how brokers can prepare for and make the most of the new regime.
The mandatory comprehensive credit reporting (CCR) regime – which requires lenders to provide access to customer credit data, such as repayment history, credit limits and types of credit accounts – is being lauded as a revolutionary step in the lending process that could facilitate improvements to credit decisioning, credit availability, operational efficiency and competition, if implemented effectively.
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