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Government to give banks the power to monitor all your bills

Discussion in 'The Pub' started by waedwe, Oct 15, 2009.

  1. Unbelievable as it may be, the banks which in australia make billions and rising in profits every year have somehow seemingly sold the government on a idea that they should be able to view every detail of your bill paying history,
    And give a bad credit rating if you pay any bill late, so you are a week late on the telephone bill, maybe forgot to pay the water bill or your internet, bang bad credit rating.
    And wow it's not for there own profit making motives it's for our own good, to save us from ourselve's.
    I wouldn't give this pack of &*^%$% any power, i'd be more in favour of tightening and reigning in there powers.
    How dare the government even consider making avalable my private confidential dealings with any retailer to a commercially run organisation interested in profit just as much as any other business, letters are gonna be sent the government is getting my angry ramblings this time,

  2. Have you got the angle of who's pushing who right? The federal labor government don't seem too upset at the idea. Anyway, I didn't vote for them.
  3. It will be interesting to know the criteria for determining a "bad credit history." Someone who consistently pays a week late has got to be annoying to creditors... I know it's annoying for small business.

    I pay my bills and home loan on time, yesterday my bank has sent me a pre-approval for a $35K personal loan that I never requested. :?
  4. How about they expand the information available to the CRAA, ie Loan payment history and outcome?

    Edit: CRAA is now known as Veda Advantage who were used to be known as Baycorp Advantage... they sound more dodgy than the banks now... Dun & Bradstreet is a likely alternative.
  5. A "pre-approval" means nothing. You still need to qualify for the loan.

    Don't forget, any application for a loan, or an enquiry that requires your personal info is registered with the credit reporting mobs.

    You might get this pre-approval but then after applying you may be knocked back. That goes on your record.

    There are stories of people who ring around getting quotes on loans. Later on, when they decide on a financial institution, they apply, then get knocked back because of their previous "history", even though they were only tyre kicking at that stage.

    This new system is no way in the consumers' interests. That senator is full of shit.