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Case for new credit regimen clear: Veda

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Australian Broker | 07 Apr 2011, 04:15 AM Agree 0
Veda Advantage has used its latest bi-annual Australian Debt Study to push for the introduction of "positive" credit reporting
  • Peter Maver | 07 Apr 2011, 12:39 PM Agree 0
    This system was attempted to be bought in back in the late 80's and is a step towards the US style of Credit Scoring which I think given the GFC where loans were all approved using the US style Credit Scoring system is a proven failure.
    The US system is based on each persons SocialSecurity Number where once you have this number you have access to every detail of the persons life including full, financial, medical, employment, education and any other data where a Social Security Number is used. Back in the 80's it was knocked back on Privacy Laws and unless the Privacy Laws are changed I can't see it getting through this time either.
  • Joseph Trimarchi | 07 Apr 2011, 03:22 PM Agree 0
    Accurate information appearing on a credit file is paramount to credit worthiness and paramount to lending institutions making informed credit decisions. The new regime of recording information on credit files allows for a greater volume of information to be reported, collected and published. Currently credit reports contain errors, one would assume the increase in information would also see an increase in errors occurring. Once again the rights of consumers are being subrogated to credit providers and credit reporting agencies. Its about time the consumer was put first. The credit reporting agencies continually publish stats which tell us the level of spending or the percentage of consumers that miss payments , no one publishes stats as to the number of mistaken enteries that appear on credit files.It would be wise to agitate this issue prior to concerning ourselves with positive credit reporting.
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