As with all business transitions, understanding the requirements will make a significant difference to the overall project success, quality and time.
With a Comprehensive Credit Reporting (CCR) project, this becomes even more important as credit providers make account information and customer repayment data available to all other credit providers. The data provided to the Credit Bureaus during a CCR submission could directly impact the ability of your customers to get further credit in the future so it is critical that it is up to date and accurate.
Poor customer sediment and adverse reputational risk can be a direct result of a poorly executed project.
A project to transition to CCR involves a number of clearly defined steps and could take anything from 6 weeks to 12 months to complete.
As the project will involve a number of parties i.e. the credit provider, potentially a 3rd party IT provider, and 1 or more credit bureaus, there needs to be clear oversight during the project and the project will need to be broken down into milestones.
Key milestones to be checked off include:
Comprehensive Credit Decisions has one of the industries leading experts in CCR, and understands the specific data requirements across both Australia and New Zealand. Having successfully transitioned over 30 credit providers from negative credit reporting to comprehensive credit reporting, we are in a great position to lead this project.