After almost two years of preparation Experian launched its consumer credit bureau in Australia on February 28th, 2013.
Six major Australian financial institutions will hold a minority stake in the new company as joint venture partners. As the majority stakeholder, Experian is responsible for the operations of the credit bureau.
The launch of Experian’s credit bureau follows the passing of the Privacy Amendment (Enhancing Privacy Protection) Bill in November 2012 and paves the way for comprehensive credit reporting to be introduced in March 2014. The legislation means lenders will be able to take into consideration positive credit history as well as negative credit history when determining an applicant’s suitability to receive a loan. This reform enables lenders to better assess risk, promote responsible lending, and provide greater protection to consumers minimizing the risk of identity theft.
“We are bringing a world-class bureau service to the Australian market,” said Genevieve Juillard, Managing Director, Experian Credit Services, Australia.
Source: Experian Press Release