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Reforms to the Australian credit reporting system could boost the Australian economy by $1.7 billion, help lower defaults and keep interest rates low according to a report commissioned by Veda Advantage.
Rory Matthews, Veda Advantage CEO believes greater bank and credit provider access to borrower data would benefit a broad section of the Australian population that currently misses out on credit due to a lack of data to support their creditworthiness.
“People generally assume that the banks and lenders have access to a person’s full credit history – this is not the reality,” he said.
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Published 27-06-08
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