{"id":25274,"date":"2021-02-03T20:28:58","date_gmt":"2021-02-03T20:28:58","guid":{"rendered":"https:\/\/www.innovationaus.com\/?p=16010"},"modified":"2021-02-03T20:28:58","modified_gmt":"2021-02-03T20:28:58","slug":"mandatory-credit-reporting-scheme-finally-passes","status":"publish","type":"post","link":"https:\/\/radiofree.asia\/2021\/02\/03\/mandatory-credit-reporting-scheme-finally-passes\/","title":{"rendered":"Mandatory credit reporting scheme finally passes"},"content":{"rendered":"
A mandatory comprehensive <\/strong>credit reporting will be in place in Australia from July after legislation underpinning the scheme finally passed Parliament, more than three years after it was first announced by the federal government.<\/p>\n Under the scheme, major banks and other providers will have to hand over credit information and active consumer credit accounts to eligible reporting bodies and FinTechs on request. This will include positive credit data including how many bank accounts an individual has, credit limits and monthly repayments.<\/p>\n Comprehensive credit reporting is pitched as a significant boon to FinTech to assist them in competing with the big banks, and a way for consumers to have more control over their own banking data.<\/p>\n