Westpac Group is set to use three leading global credit agencies to blitz ‘liar loans’ in response to government and regulatory pressure on lenders to boost loan scrutiny.

Westpac will tell borrowers’ their credit information will be screened by Equifax, Experian and illion, which is formerly Dun and Bradstreet Australia and New Zealand, some of the world’s major providers of credit reports and credit scores.dy work with the agencies to check other credit issues, to systemically review all outstanding debts of the applicants, including drawn lines of credit, rather than just credit inquiries, and any defaults.

For example, Equifax, which is headquartered in the US, collects and aggregates information on more than 800 million individual consumers and 88 million businesses worldwide.  It is believed the agencies will be scrutinizing borrowers for new credit information including when accounts were opened, credit limits and history of up to 24 months of repayments.

Westpac is planning to alert customers with credit products that their credit information will be recorded from next month and refer them to creditsmart.org.au, which is a website that explains how borrowers can manage their credit history.

Source: Financial Review