The impact of comprehensive credit reporting will be felt initially in faster responses to loan applications.This was a view shared by speakers on a panel at an Actuaries Institute conference in Sydney earlier this month.Financial services partner at Deloitte, James Hickey, said it would take a while to see how the industry responded to the new credit reporting regime but he expected lenders to aim for greater efficiency. The new comprehensive reporting scheme, which took effect in March, allows credit reporting agencies to add the following information to credit files: the date a credit account was opened; the type of credit account opened; the date a credit account was closed; the current limit of each open credit account; and repayment performance history.Hickey said the additional information would give lenders greater capacity to pre-qualify loans and to approve loans more quickly"Lenders will be looking to leverage the data through digital systems," Hickey said.No one is expecting changes to happen quickly. Earlier this year, Veda Group chief executive Nerida Caesar said she expected about 20 to 30 of the larger financial institutions to start loading extra data about their customers' financial behaviour through most of this year and then start purchasing data from expanded data sets next year.Hickey said another prospect was that lenders would price for risk. National Australia Bank's head of group capital and pricing, Phillip Everett, said: "There is not as much variation in the pricing of home loans, given the risk, as you see in the business lending market. "We see it more in the UK market. It will be interesting to see if it becomes a feature of the local market."