From March 1, reforms made to the National Consumer Credit Protection Act will see steps made towards a fairer credit system – but one credit reporting spokesman argues consumers suffering credit impairment may still have unnecessary hoops to jump through.
CEO of MyCRA Credit Rating Repair, Graham Doessel, says better protections will be afforded to Australians experiencing financial hardship once the reforms come into play.
However, he’s worried that things may be moving too slowly for many.
“For those people doing it tough – one of the most important things they need is to be able to open a dialogue with their bank and make moves to guard their asset and their credit file during periods of financial difficulty, and this will be formalised under the new financial hardship laws.”
Yet, he says for credit impaired individuals, the full extent of any improved ‘fairness’ won’t be felt until the implementation of amendments to the Privacy Act 1988 early next year.