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Credit reporting agencies have been told to lift their game if they want more comprehensive credit reporting data.
The Financial System Inquiry's final report recommended that lenders be given access to an expanded range of personal information from borrowers.
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However, FBAA chief executive Peter White said there are many questions that need to be answered before the public can be confident about providing even more personal information.
"Credit agencies make mistakes regularly, and it is almost impossible to reach anyone on the phone," he said.
"I have personally tried to talk to someone at one company without success and I've seen first-hand the mistakes they have made, which in one case took many weeks to fix."
Meanwhile, the FBAA has launched more than 20 new calculators for the exclusive use of their members.
Mr White said the calculators are the product of several months of planning and can be accessed through the members' section of the association's website.
He said there is no charge to use the calculators from the site, and that members also have the option to embed them into their own websites.
"If members want to take this option there is a charge from our supplier; however, it also includes a lead generation tool that enables information to be collected each time a consumer uses a calculator," Mr White said.
Calculator options include comparison loans, stamp duty, leasing, graphical representations of borrowing structures, interest-only and principal-and-interest loans.
"It's a service we want to provide at no charge to members, and all calculators are easy to access on our site," Mr White said.
Last month, the MFAA unveiled its own member loan calculators, which are available for $99 per year.
[Related: FBAA launches $17,000 scholarship scheme]
