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New credit reporting to hurt the margins

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Australian Broker | 06 Apr 2011, 07:30 AM Agree 0
A new credit reporting regimen set to be legislated this year is likely to have its greatest impact on marginal borrowers
  • John C | 06 Apr 2011, 02:41 PM Agree 0
    The current credit reporting system is archaic and belongs with the dinosaurs, and quite frankly draconian in its structure. The current system employed really needs to be scrapped and re-written as certain parts of the Act are ambiguous. The onus should be for the credit provider to prove they are owed the money, not for the Veda Advantage victim to prove they don't. That is what a Court is for! The last time I looked only a Court of Law can issue a Judgment for a debt, so when did Veda Advantage and their members usurp the Courts in that role! No wonder there is a whole new Industry being created with a plethora of Credit Repair firms springing up all over the place! Veda Advantage disregards its Duty of Care to its Victims and says it is not their responsibility and send the victim back to their member. To get Justice in this country you need have a lot of money, and most of the victims of this current Credit Reporting System are screwed because they don't have the $20,000 needed to fight a court battle to get a $40.00 Credit Infringement removed that should not even be there in the first place.
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