'It's a mess': credit ratings lottery revealed


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The quality of data might improve when the banks are forced to share information about their customers, though the timetable for that is uncertain.


Gerard Brody, chief executive of the Consumer Action Law Centre, urges a reconsideration of the system.


“Credit reporting is a mess and with much more data being proposed to be shared on credit reports we are concerned that the mess will only get worse,” Brody says. “The move [to have more data on reports] is rushed and we would like to see a step back to consider if the credit reporting system is actually producing public benefits.”


Peer-to-peer lender Wisr compared 7000 credit reports from two credit bureaus and found a 40 per cent difference in the number of credit inquiries recorded by bureaus, while the number of recorded defaults differed by 11 per cent.


“These two events, inquiries and defaults, can make up as much as 60 per cent of a credit score, depending on which bureau your lender uses,” says Wisr spokesman Mark Lenyszyn. “Any inconsistency in reporting could see you paying more interest on your loan or credit card.”


Article source: https://www.smh.com.au/world/europe/ireland-has-shed-its-historic-culture-at-a-speed-that-amazes-20180527-p4zhrn.html?utm_medium=rss&utm_source=rss_world

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