On Tuesday, the AFIA Comprehensive Credit Reporting (CCR) Symposium brought together three of Australia’s largest credit reporting bureaus sharing insights into how CCR has already impacted the Australian credit landscape and what lies ahead for consumers, lenders, and the industry as a whole.

Interesting discussion points:

1. Global experience shows CCR often leads to increased lending with decreased levels of default
2. Use of risk-based credit set to increase dramatically, based on better access and analysis of customer credit data
3. Financial literacy more important than ever, consumers must know and monitor their credit score

A key question remains: how will the industry and regulators manage and record financial hardship in the context of credit reporting? How do we balance the right to privacy with responsible lending best practices?

Also interesting in the Hardship Space will be the Senate enquiry report on ‘Credit and financial services targeted at Australians at risk of financial hardship’ due to be released today.

Event Moderator: David Grafton, Director, PwC

Panel: Mike Cutter, Group Managing Director Asia Pacific, EquifaxPoli Konstantinidis, Executive General Manager, Credit Services & Decision Analytics A&NZ, ExperianSimon Bligh, CEO, illion