New Legistation proposed to give Lenders more investigation powers
Lenders have been given the ability to conduct a more thorough review of a borrower’s repayment history.   According to today’s The Australian Financial Review, the government has announced changes to the Privacy Act which will allow lenders to find out the opening and closing date of an account, a borrower’s credit repayment history and credit limits.   The ability to look at a borrower’s credit repayment history will be made available following the introduction of the National Consumer Credit Protection Bill.   Current privacy restrictions