Credit Information Industry welcomes Government decision that will increase competition and enhance responsible lending objectives. Consumers and small business to benefit from comprehensive credit reporting
The announcement by the Commonwealth Government that they have accepted the Australian Law Reform Commission (ALRC) recommendations to introduce comprehensive credit reporting has the potential to dramatically change consumer lending in Australia. The Government has accepted ALRC recommendations to allow additional data elements to be included in consumer credit reports, which will provide lenders with a clear picture of a borrower’s true financial position.
BIIA expresses its gratitude to its Australian members for their effort on behalf of the industry.