Veda calls for quick turnaround on credit reporting reforms

Credit agency Veda has called on the government to ensure that its draft plan for reform of credit reporting laws goes through quickly, those with credit cards may be interested to learn.

A senate committee approved the plan earlier today (October 7th) and adviser Matthew Strassberg stated that his firm hopes the authorities stick to their target of getting the legislation implemented by mid-2012, reports the Australian Associated Press.

"Given the growing uncertainty on financial markets and the possibility of another global recession, this legislation must be given priority," Mr Strassberg stated.

He added that credit reports need to contain more crucial information – such as what a person's credit limit is – adding that it will make it easier for companies to establish whether individuals can service their debts or not.

Earlier this month, data published by Westpac revealed that in August there was a 0.2 per cent month-on-month increase in lending.

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