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Big Changes in Credit Reporting

Both of CCLC’s Co-Principal Solicitors have recently been quoted in the media talking about the big changes to credit reporting that take effect as of 12 March 2014.

On 4 February Alex Kelly told the Western Australian that new credit reports could show a missed payment that is as little as five days late, and that could affect how borrowers are assessed by lenders in future.  “Our concern is they are going to have a regime like they have in America, where they have higher interest rates on credit being offered to people who have had repayment difficulties,” she said.

To read the entire story go to:

“New laws will expose credit history”
The West Australian
By Peter Trute, AAP Senior Finance Writer

On 13 February Kat Lane did a radio interview with ABC’s Tim Holt repeating Ms Kelly’s concerns. Ms Lane also expressed concern about how little is known by consumers about the changes, let alone the consequences for many of us, especially since it may be retrospective.

To listen to the whole interview go to:

“Credit To Cost More For Those With Less”
ABC Radio – Mornings with Tim Holt