Experian welcomes new credit legislation
Sydney, AUSTRALIA, 29 November 2012 – Experian today welcomed the passing of legislation enabling comprehensive credit reporting in Australia.
Under provisions contained in the Privacy Amendment (Enhancing Privacy Protection) Bill 2012, banks and other credit providers are required to introduce comprehensive credit reporting within the next 15 months.
Experian Credit Services Managing Director, Genevieve Juillard, said: “This legislation sets the framework for comprehensive credit reporting – and provides a great opportunity for businesses to re-examine how they allocate credit and assess risk, as well as providing greater protection for consumers.
“Our experience globally suggests that adopting this system will deliver significant benefits to all credit grantors and borrowers.”
Industry research suggests that the introduction of comprehensive credit reporting in Australia will support fair lending practices, address inequality in the current system and ensure appropriate consumer protections are in place.
“Our experience is that this change will help to achieve a significant reduction in loan defaults over time and deliver more responsible lending practices, lowering the risk for both lenders and borrowers,” Ms Juillard said.
Experian has global expertise in supporting credit grantors transition to a comprehensive credit reporting system, most recently working with industry in Brazil to manage the change.