Banks to get access to more customer info

Everybody applying for a credit card or a new loan will have to agree to give up much more information about themselves and their financial history and circumstances under compromise proposals now before the Rudd government. Responsible borrowers are currently being forced to go to loan sharks because the current system of credit reporting is black marking them for small defaults over bills. The Law Reform commission recommended there should be four additional items of information allowed to be collected by credit reporting agencies. They are the type of each current credit account opened (e.g. mortgage, credit card, personal loan), the date on which each current credit account was opened, the credit limit of each current account; and the date on which each credit account was closed.

Source: Courier Mail