One in ten Aussies 'misinformed their bank'

Monday 04 July 2011

Article by Mozo

One in ten Australians applying for credit cards or other financial products have deliberately given incorrect information to their bank, new figures show.

Many Aussies 'mislead their bank'

Data from Veda Advantage revealed that 21 per cent had also asserted that they were struggling with their debt load.

Those who find themselves in need of new plastic may find their best option is to go online to compare credit cards to ensure they get the one most suited to their needs.

Angus Luffman, head of consumer risk at Veda Advantage, commented: "These figures reveal a concerning trend, and provide a call to action for government to expedite the adoption of a comprehensive or positive reporting system."

He observed that the nation's credit reporting system is behind that of other developed countries, adding that more Aussies are likely to "succumb to debt pressure" if steps are not taken.

Last month, the government passed laws to protect consumers in which banks were banned from sending out unsolicited messages offering credit extensions.

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