ALRC PRIVACY REFORMS
Established in one of the only three OECD countries not to have
comprehensive credit reports and recognizing the subsequent need for
credit reform, the Veda Advantage Australian credit bureau is
encouraging Australian Law Reform Commission’s (ALRC) Privacy reforms.
These reforms are designed to significantly improve credit report
information, which currently providie financial providers 11% of the
information needed to identify and predict consumer credit risk, to 64%
of credit information which to include account status and payment
history fields. These reforms by the ALRC will also put on hold industry
policy to include account status, payment history, overdue payments and
missed payments during the previous 24 months until a more reliable
framework is established. Veda Advantage holds the
country’s database of credit files for more than 14.5 million
credit-active Australians.