Aussies will trade privacy for cheap loan

Most Australians would willingly give up their entire credit history to lenders if it meant getting a better deal on their loan says mortgage broker Loan Market Group. 72 per cent of those surveyed said they supported positive credit reporting, which has been rejected by the Australian Law Reform Commission. Nine per cent said they had too many financial skeletons in the closet to reveal all their information to lenders. Under the existing negative credit reporting system, only defaults are listed.

Source: The Daily Telegraph