Financial services customers can rest easier after Labor secured key amendments to the Government’s credit reporting legislation, passed today. 
 
Labor’s changes mean the new laws will drive improved competition in our credit system and enhanced protections for consumers experiencing financial hardship.
 
Following talks between Labor and the Government, the National Consumer Credit Protection Amendment (Mandatory Credit Reporting and Other Measures) Bill will:

•    Enhance access for consumers to their credit information;
•    Provide consumers with greater detail about their credit information;
•    And give protections around how and when financial hardship information can be used by credit providers.

These changes reflect the true intention of the laws.

While Labor welcomes the Government coming around to our position and ensuring the legislation is fit for purpose, the failure of the Government to get this right the first time shows protecting consumers is not their priority.