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Mandatory Comprehensive Credit Reporting

Key documents

The Government announced on 2 November 2017 that it would legislate for a mandatory comprehensive credit reporting regime to come into effect by 1 July 2018, requiring the big four banks to participate fully in the credit reporting system.

This measure will give lenders access to a deeper, richer set of data enabling them to better assess a borrower’s true credit position and their ability to pay a loan.

The Government is seeking views on the exposure draft legislation and accompanying explanatory materials, which implements this measure.