Interest Rate Announcement: Following the RBA’s decision to decrease the official cash rate by 0.25%, we are cutting home loan interest rates by 0.25% p.a. effective 21 August 2025. Click here for more.
CCR is the secure exchange of credit information about borrowers between Credit Providers (GMCU) and Credit Reporting Bodies such as Equifax.
Previously credit reporting has only showed negative information such as defaults, with no information to show how diligently a person had been in paying off their debt. Now, the information shared with credit providers will show a much more comprehensive picture of a person’s repayment history.
The information shared is now more comprehensive and includes ‘positive’ information such as the type of loan, account open and closed dates, credit limits and up to 24 months repayment history.
To ensure repayment history is reflected positively on your credit report, it’s important you meet your repayments on time, by the due date (e.g. making at least the minimum repayments on time). This is because your credit report will include your Repayment History Information and whether you have missed a payment or made a late payment on a loan.
This information may be used to assess your application for a loan which is why it is important to ensure that you make your repayments on time. If you missed a payment, it may be recorded as missed on your credit report.
For more information about Credit Reporting visit - Credit Report - How To Request It, What It Means - CreditSmart.
When a financial hardship arrangement relating to a home loan, personal loan, business loan or overdraft is in place, your credit report may show financial hardship information alongside your repayment history information, indicating that a financial hardship arrangement has been entered into and, if applicable, is in place for each month that the arrangement is in place.
For information on credit reporting or to request a copy of your credit report contact Equifax - Credit Reports | Equifax Personal
You can find more information on Comprehensive Credit Reporting and Financial Hardship on the Credit Smart website - Credit Report – Free Comprehensive Credit Reports - CreditSmart
Your privacy and security are important to us at GMCU. To find out more about how we handle your data read our Privacy Policy.
