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Banks to know everything about you

15/10/2009

New privacy laws being proposed to be introduced next year will allow banks and other lenders to see a credit applicant’s entire financial history of all loans, cards and credit including complete repayment record going back two years.

Currently only defaults are listed on a consumer’s credit reference file. Under the new law even a late payment of a utility bill will be noted in a consumer’s credit reference file.

Russell Evans from Veda Advantage said that bill payments as little as one month overdue could result in a negative listing on a credit reference file.

Banks say they need the information to comply with new responsible lending laws that are due come into effect in January 2010.

Source: Herald Sun

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