Federal Treasurer Scott Morrison is ready to push the major banks another step of the way towards comprehensive credit reporting regime.In a move that puts put a promise - or a threat - made last year into concrete action, the government, through The Treasury, has drafted legislation and explanatory materials that will form the basis for implementing CCR in Australia - importantly, by mandating the four major banks to take part in Comprehensive Credit Reporting.  The proposed Bill, now being circulated for comment, amends the Credit Act to establish a mandatory comprehensive credit reporting regime which will apply from 1 July 2018. It does so by mandating that all "large ADIs" share comprehensive data for at least 50 per cent of their accounts by 28 September this year, and the remaining 50 per cent after another twelve months."An ADI is considered large where its total resident assets are greater than $100 billion," the explanatory note states.The amendments do not require or allow disclosure, use or collection of credit information.This measure will give lenders access to "a deeper, richer set of data enabling them to better assess a borrower's true credit position and their ability to pay a loan".The Bill also expands ASIC's powers so it can monitor compliance with the mandatory regime. The Bill also imposes requirements on the location where a credit reporting body must store data.The peak body, the Australian Retail Credit Association, which "exists to promote best practice in credit risk assessment and responsible lending, as well as promoting better standards in consumer credit reporting" has welcomed the new rules. ARCA executive chairman Mike Laing said: "The four majors are ARCA's largest members, and were instrumental in establishing ARCA over 10 years ago to advocate for comprehensive credit reporting"The four majors all indicated that they intended to voluntarily participate in comprehensive credit reporting - what the Treasurer is doing is giving them a deadline by which they must do this."NAB has already indicated they intend to participate well in advance of this deadline," Laing said.