What is Comprehensive Credit Reporting?

Historically, the information that could be shared about you with New Zealand’s credit bureaux was limited to how many credit applications you had made, and how many (if any) defaults you had — this was known as 'negative' credit reporting.

That all changed on 1 April 2012, when New Zealand followed Australia’s lead and changed the law to allow Comprehensive Credit Reporting (CCR) — also known as 'positive' credit reporting. This now means that information such as how well you meet your repayments can be shared with New Zealand’s credit bureaux.

Now, you’re not just judged for the bad (e.g. a default), but you can also be rewarded for the good (e.g. consistently paying your bills on time). And it’s not limited to financial institutions — utilities and service providers like power companies, telcos, and ISPs also participate in CCR.

The benefit of CCR for Harmoney borrowers is that regular, on-time repayments can improve your credit score. But the reverse is also true: late or missed payments can now negatively affect your score, just as defaults do.

Harmoney was one of the first companies in New Zealand to use positive credit reporting in our application process. So, if you’ve maintained a strong repayment history with us — and with other providers — there’s a good chance that topping up your loan could get you a better rate than you have now.

You can find out more about Comprehensive Credit Reporting here.