Consumer Credit Bureau

The Experian is the main consumer credit information supplier for many banks around the globe. As part of Experian's suite of worldwide product and service offerings, the Australia Credit Bureau will provide a set of credit management solutions to help credit providers better address their customers' life cycle risks. Experian Credit Bureau follows the adoption of the Enhancing Privacy Protection Act in November 2012 and opens the way for a full credit report to be launched in March 2014.

Law means that creditors will be able to take both credit histories, affirmative and unfavourable, into account when assessing an applicant's eligibility for a credit. As a result of this reforms, creditors will be able to better evaluate risks, encourage accountable credit and offer better consumer protections to minimise the risks of ID thievery.

The consumer can look forward to a closer link with his creditor and better availability of credit that meets his needs, as his credit information provides a more comprehensive overview of paying behaviour and includes delayed and punctuality. You will also be authorised to take responsibility for your credit reporting.

"We' re introducing a world-class office services offering to the Australia market," said Genevieve Juillard, Managing Director, Experian Credit Services, Australia. "This new law on favorable dates is great good news also for the sector. There will be a complete change in the way companies in Australia lend and administer credit, as they will have more information to better evaluate risks and encourage accountable credit.

After working with creditors in many parts of the globe during the move to full first-hand information, we are here to help creditors in Australia make the necessary changes. "The consumer should also be clear about what this shift means. The credit story will over the years become part of the Australian financial community and consumer information and credit management will improve," Juillard added.

Experian's Consumer Bureau is the first in a range of credit facilities to be launched in Australia in 2013. There will be six large Australia based banks that will act as JVs with a non-controlling interest in the new group. Experian is the controlling shareholder and is in charge of operating the credit bureau.

There are 19 consumer offices in Europe and around the globe, some of the biggest in the USA, Brazil and the UK. Offering broad expertise in working in full credit report frameworks and management of the shift from adverse to adverse credit reports.