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Research released by Veda Advantage yesterday found that 1.9 million Australians with good credit histories have been denied credit because of the current reporting system.
According to Veda Advantage general manager of information, services and solutions Erica Hughes, the Federal Government needs to broaden the credit reporting regime – which is currently under review by the Australian Law Reform Commission – so that borrowers and lenders can have access to the best information, including current amount owed and payment history.
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“As Australia enters a tightening credit cycle, lenders need access to the best information in order to manage credit risk and help protect potential borrowers. We are calling on the Government to change the [privacy] law as a matter of urgency,” said Hughes.
