RateSetter breaks ground with CCR
We are thrilled to announce that RateSetter is the first Australian lender to fully implement Comprehensive Credit Reporting (CCR) data sharing with Veda, Australia’s leading credit bureau.
RateSetter’s peer-to-peer lending platform is already making personal loans fairer, easier and more affordable. Being first out of the gate with CCR is another important milestone in our journey to bring greater innovation and competition to Australian loan markets, and give customers a better deal.
The CCR framework, introduced in March 2014, allows lenders to share ‘positive’ data – including account and repayment history information – with credit bureaus. The data can only be shared amongst credit providers and credit bureaus, and its use is tightly controlled by the Privacy Act.
We see CCR as a game-changer for Australian consumers, boosting competition between lenders and facilitating innovation such as true ‘risk-based pricing’. Using the additional data available with CCR will help lenders offer lower rates to more creditworthy borrowers, so before getting a loan we encourage people to ask a lender if they use CCR data.
Veda and RateSetter have previously collaborated on a range of innovative services, including a ‘soft credit search’, which allows borrowers to get an indicative rate from RateSetter without impacting their credit score. This service will improve competition by allowing customers to compare rates without fear of leaving a negative footprint on their credit file.
Whilst we’re delighted to be again pioneering positive developments in Australia’s lending markets, we’re not standing still, and are continuing to innovate for the benefit of Australian borrowers and investors. Stay tuned for some exciting announcements in the months ahead.
*Important notice: This post is accurate as 13 May 2015.
This information does not constitute financial advice and you should consider whether it is appropriate to your circumstances before you act in reliance on it. Any opinions, forecasts or recommendations reflect the judgement and assumptions of RateSetter as at the date of publication and may later change without notice.