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

by Mackenzie McCarty15 Feb 2013

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.

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  • by Haydn Cooper 18/02/2013 11:35:16 AM

    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.