Parliament turning positive on credit reporting
Federal Parliament may inquire into Australia’s credit reporting system, with the aim of developing a so-called positive reporting regime under which lenders would pool much more extensive information. A central database, such as that maintained by Data Advantage, would consider factors such as the balance of current loans and past loan repayment patterns.
Under the present negative credit reporting regime lenders pool details such as past credit applications, current loans in default, default payment dates and court judgements. The Labor Party is now willing to look at an overhaul of the credit reporting regime. Commonwealth Bank, Westpac and National Australia Bank said they were largely in favour while ANZ is yet to decide its position.