Is Comprehensive Credit Reporting the key to driving innovation?

It's no secret the July 2018 introduction of mandatory comprehensive credit reporting (CCR) has ushered in a positive change for consumers. However, with only 50 per cent of credit data now shared as a requirement, will the financial services sector be ready to release 100 per cent of its data by mid-2019?
Daniel Wessels, who won the Business News Australia 2018 Young Entrepreneur of the Year Award for Professional Services, has shifted his business into gear ahead of time to anticipate these changes.
While it's not compulsory for non-bank financial institutions to contribute to CCR, Jacaranda Finance is able to do so.
Not only will the Jacaranda Finance team be actively working towards improving the credit scores of clients but providing other financial institutions with a more detailed overview of borrowers.
"We were really excited to hear that mandatory comprehensive credit reporting was coming into place," says Wessels.
"At this stage, we know that positive credit reporting is only expected from the big four banks, however, smaller lenders have the option to partake if they wish. Read more

Business News Australia - 4 December 2018