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Will the revamped Privacy Act fix our 'David and Goliath' credit reporting system? You decide

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Australian Broker | 30 Nov 2012, 07:05 AM Agree 0
Amendments made to the Privacy Act yesterday mean banks, and some mortgage insurers, have access to five new types of personal credit information - experts debate the impact on consumers
  • Phil Edwards | 30 Nov 2012, 01:48 PM Agree 0
    This is great! There is countless small and medium business owners that I deal with that have clients not pay on time or hold out for as long as possible until the "final" payment request arrives. Hopefully these measures will go some way to rectifying this issue as many business owners feel they are short term lenders to their clients by extending credit terms to them. 30 day terms often turns into 60+ days, as many in the industry would know. In addition, nothing irks me more than conducting a thorough pre qualifing of client only to get the supporting docs and discover an undisclosed committment that turns the deal from a pass to a fail. Being able to do upfront veda checks will bring this annoying practice to heel also hopefully. Same goes with late payments, you ask the clients how their facilties have been conducted, get a response of no issues, only to see late payment fees on mortgage statements, credit card statements etc. This will cut out the time I waste and they can go annoy another broker more desperate for the loan than I am.
  • 1martym1 | 30 Nov 2012, 02:58 PM Agree 0
    All good until your hit to their credit file is the one that tips them over the edge for an auto decline due to credit scoring! I guess you don't get marginal deals though hey.
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