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Positive Credit Reporting

What is credit reporting and how does it work in Australia?

A credit report is used by credit providers to conduct credit checks whenever a consumer applies for credit. This may be in the form of a home loan, credit card, mobile phone products, etc.

Currently Australia has a negative credit reporting system. Under this system a credit report is only allowed to contain 'negative' information as well as personal details, credit applications and other notes.

Importantly while a credit report can record whether an application for credit has been made, it cannot record whether that application was approved or rejected.

What is Positive Credit Reporting?

The Australian Government is reviewing the current process and considering amending the Privacy Act to adopt a 'Postive Credit Reporting' structure. Positive Credit Reporting is currently used in the US, and the new structure would open up credit reports to include a much broader range of information on outstanding balance, credit limit, date account approved and payment history.

The benefits to the financial institutions to have access to positive credit reporting is:

  • Improve risk assessment for lenders
  • Enable pricing to more accurately reflect risk
  • Reduce the incidence of fraud and mis-information by borrowers; and

How can Experian QAS help your organization?

Experian QAS, the market leader in providing data quality solutions to over 10,000 organisations globally. With over 10 years experience within the address management industry Experian QAS are the leaders in developing advanced data quality solutions.

It's important that credit and lending organizations have the right data quality processes in place to ensure contact details are validated and verified at the point of capture. This will ensure:

  • Enable and enhance electronic verification processes
  • The correct person is located in real time and reduce potential risk of fraud or errors
  • Improve internal real time decision capabilities
  • Enable greater costs savings and improve allocation of resources.
  • Assists application 'straight through processing' at the back end.

Experian QAS is the market leader in data quality solutions and we can share more insights on how to improve your organizations straight through processing.

Complete the form below and our consultants will share with you our global Data Quality success stories.

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