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Tentative proposals to alter Australia’s credit reporting framework have been met with approval by the Australian Bankers Association.
The potential changes would essentially see privacy laws relaxed to allow lenders to make more informed decisions about borrowers, the Australian reported today.
Included in the paper drafted by the Australian Law Reform Commission was a recommendation to expand the amount of personal information used in credit reports to include information on previous account types opened by borrowers and histories.
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Published: 12-08-08
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