Comprehensive credit reporting (CCR) is a system where banks and lenders report your credit history and other financial data to credit bureaus, like Equifax, Experian, or Illion.
The shared financial data includes both positive and negative information and gives a better understanding of your financial standing. Negative data includes defaults and missed payments, while positive data reflects regular, on-time repayments.
Credit data in your report include:
- Enquiries is a record in your credit report when you apply for new credit.
- Repayment history is a snapshot of all payments on your loans or credit cards.
- Defaults, bankruptcies and court judgments will also show on your credit report.
- Credit accounts and credit providers, e.g., mortgages, credit cards or personal loans.
- Credit limit is an amount that you've borrowed or the maximum that you can borrow in the case of credit cards.
Your credit reports change when more lenders share your data with the credit bureaus. As your credit report changes, so will your credit scores.