Search Results for: comprehensive credit reporting

Tweaked Volcker Rule still has teeth, which is credit positive

Last Wednesday, US regulatory agencies (namely the Federal Reserve, Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Securities and Exchange Commission and the Commodity Futures Trading Commission) jointly proposed changes to simplify and clarify the Volcker Rule and tailor the compliance obligations of US banks, based on their trading activities. … Continue reading “Tweaked Volcker Rule still has teeth, which is credit positive”

The Great Credit Crunch – The Property Imperative Weekly 12 May 2018

Welcome to The Property Imperative Weekly to 12 May 2018. In this week’s review of the latest finance and property news we look at the impact of the impending credit crunch. Watch the video or read the transcript. The evidence is mounting that we are entering a credit crunch, driven by tighter lending restrictions, and … Continue reading “The Great Credit Crunch – The Property Imperative Weekly 12 May 2018”

Alternative Lenders Are Driving The Personal Credit Market

Household debt in Australia continues to rise. But the strongest growth at 15%, is found in the sub prime Alternative Lending Personal Credit sector. So it is worth considering the personal credit market holistically. Drawing data from our cure market models we estimate total personal credit to the ~9.2 million Australian households currently amounts to … Continue reading “Alternative Lenders Are Driving The Personal Credit Market”

Why Australia needs a better system for credit scores

From The Conversation. Australia’s credit rating system is failing both borrowers and lenders. Many borrowers are unaware of their own credit scores and our research shows they have trouble applying for suitable loans. Lenders are also struggling with too little information, causing them to extend loans to those they shouldn’t and restrict loans to worthy … Continue reading “Why Australia needs a better system for credit scores”

Forcing the banks to hand over our credit history might help with a home loan but it has risks

From The Conversation. The federal government will be forcing banks to hand over half their credit data ready for reporting by mid-2018 (with the remainder available in 2019). It seems rather quaint in the age of big data that the big four banks have been able to hold onto their treasure troves of loan data … Continue reading “Forcing the banks to hand over our credit history might help with a home loan but it has risks”

COBA welcomes Government move on credit reporting

COBA says consumers stand to benefit from the Turnbull Government’s decision to nudge major banks to participate in comprehensive credit reporting (CCR). “COBA welcomes Treasurer Scott Morrison’s announcement of a CCR regime from 1 July next year, starting with the four major banks,” said COBA Acting CEO Dominic Dunn. “As the Treasurer notes, other lenders … Continue reading “COBA welcomes Government move on credit reporting”

Is positive credit reporting a flawed deal?

From Australian Broker. The move towards more comprehensive credit reporting may be beneficial on the surface, but one legal expert has warned that it will have negative impacts on consumers and won’t solve a root issue in the reporting process. While regulators and credit providers have been singing the praises of this expanded credit reporting … Continue reading “Is positive credit reporting a flawed deal?”

Customer Credit Data At Risk

The US arm of the credit score company Equifax –  the company who organises, assimilates and analyses data on more than 820 million consumers and more than 91 million businesses worldwide, and its database includes employee data contributed from more than 6,600 employers – has disclosed that one of it’s databases was breached through an … Continue reading “Customer Credit Data At Risk”

Do Younger Australians Understand Credit?

Australia’s credit reporting framework has recently undergone a fundamental shift away from a negative only reporting system to comprehensive credit reporting (CCR). Under the changes, lenders can report additional information about borrowers including repayment history such as whether a borrower has paid all credit obligations in a given month, and whether payment was on time, … Continue reading “Do Younger Australians Understand Credit?”

Small Amount Credit Review Recommends Tighter Controls

The final report of the Review of Small Amount Credit Contracts (SACCs) has been released. A range of recommendations tighten regulation of short term small loans and consumer leases. Of note is the need to disclose the actual APR of the transaction, be it a small amount credit contract or consumer lease. In the latter … Continue reading “Small Amount Credit Review Recommends Tighter Controls”