Updated credit reporting laws to help or harm consumers?
Australians will have their private financial hardship information included on their credit reports for the first time with the passing of the National Consumer Credit Protection Amendment (Mandatory Credit Reporting and Other Measures) Bill 2019.
While before, credit reports were only required to include credit inquiries, defaults and serious infringements, banks must now report more about the credit history of their customers to credit agencies; the additional details include account open and closed dates, types of credit, credit limits, financial hardship information and up to 24 months of repayment history.
While some are celebrating the change as a clear win for consumers, others have warned it could do more harm than good.
08 Feb 2021 - Australian Broker