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Lying for credit on the rise: Veda

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Australian Broker | 17 Jun 2011, 04:00 AM Agree 0
The number of borrowers who misrepresent personal financial information when applying for credit is on the increase, according to Veda Advantage
  • sidbroker | 17 Jun 2011, 11:03 AM Agree 0
    Don`t be surprised to see fabricated tax returns any time soon also supplied by rogue accountants for a large fee as per 15 years ago before low doc loans. The nation needs the reintroduction and easy access to money via low doc loans.
  • 1martym1 | 20 Jun 2011, 01:43 PM Agree 0
    More self interst from Veda. With our arrears rate much lower than other developed countries that have full credit reporting they don't really have an argument. It would just be good for them. They have been pushing this barrow for a couple of years now.
  • Spinner | 22 Jun 2011, 09:36 PM Agree 0
    Veda are pushing self interest. 3 years ago saw the biggest credit crunch yet Banks continue to write back their provisions and post record profits. This was when low doc's were "no doc's" Further with NCCP the gap is further narrowed.

    Maybe the fear from veda is the obsolesence. Banks with existing customers know more than veda can tell them. Forget the unpaid phone bill because they moved, they have 10 years unblemished record with them.

    Do the Banks need Veda?? Maybe for new customers only!!
  • anton | 27 Jun 2011, 01:24 PM Agree 0
    the focus should be on the arrogance and unconscionable tactics of the banks and not consumers. all the legal protection already available has not stopped banks from ignoring their own code of conduct, or ASIC law. when you read the law of contract, and combine it with federal law, all of the banks are misleading customers in their contracts which are not actually legal in contract law. a contract that states that the bank can vary a loan at any future time and the customer has no say in the variation is NOT a contract in law. it is illegal and unconscionable.
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