Consumer credit information service provider Experian announced it has launched in the Australian market. Experian Australia is a joint venture between Experian and the six major Australian banks.
The bureau’s launch will increase competition within the Australian market, by providing credit providers with greater bureau choice, and improved transparency for businesses and consumers about the credit granting process.
The move follows a recent regulatory change which allows better information sharing among banks and credit information services for a more comprehensive evaluation of personal credit risks.
The legislation means lenders will be able to take into consideration positive credit history as well as negative credit history when determining an applicant’s suitability to receive a loan.
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