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Road to fair credit reporting 'going to be rocky' despite govt reforms

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Australian Broker | 15 Feb 2013, 08:00 AM Agree 0
Reforms being made to consumer credit protection laws are due to come into play next month - but one spokesman says the issue is far from dealt with
  • Haydn Cooper | 18 Feb 2013, 11:35 AM Agree 0
    The people doing it tough in most cases deserve to be. They haven't just missed one payment, they've usually missed many and in the vast majority of cases, had no intention of paying. Their only problem is now they want more money from another lender and so aided by the EDR providers who see not notifying the lender as 'an oversight' rather than the event of default it is and their non-payment as some form of unnotified hardship, many Credit Repair companies use this to earn more than many lenders do from the consumer.

    When we stop allowing these serious corruptions of credit reporting from continuing, everyone will be far better off.
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