Credit rating agencies have praised the introduction of legislation paving the way for the controversial positive credit reporting regime.
The Federal Government has proposed changes to the Privacy Act allowing for the introduction of positive credit reporting. The regime will see additional information listed on credit reports, including account payment information.
"The use of comprehensive rather than just negative credit information provides greater visibility of under-served consumers who would otherwise find it difficult to access credit," Dun & Bradstreet director of consumer services Steve Brown said.
Reporting agency Veda also praised the scheme, with senior adviser Matthew Strassberg claiming it would provide a more accurate and safer system for borrowers.
But critics of the scheme have raised concerns that it could violate borrower privacy.