Positive Credit Reporting

I have just returned from the World Credit Congress, which was held in Sydney, as expected the delegates came from many different countries.
 
Much discussion revolved around the credit crises and how do businesses remain confident in giving credit to their clients.  


A great deal has been learned from the credit crises and from this many countries are making changes to their credit reporting process.

Currently our system is based on negative reporting, where an individual’s credit report focuses on debt, court judgements, defaults, the number of requests for finance and other financial information such as bankruptcy.
 

Australia along with many other countries are now looking at new ways to report on peoples financial position, with much discussion about the new positive credit reporting, where an equal focus is placed on the individuals ability to pay their accounts.
 

The capacity to pay bills such as utilities, telecommunications, credit cards and other loans will likely be taken into consideration, giving the customer the opportunity to have a positive effect on their credit rating.  Further to this the positive credit reporting intends to give more power to the individual, by allowing them access to their information and easily correcting any errors that may have been made.  Additional to this, is protection from identity theft, where the individual will instantly know if they have been a victim of someone using there name to obtain credit or their name has been used for utilities and other services at an address unknown to them.
 

This can only be good for us all, from our experience in debt collection, change is needed to protect individuals from over extending themselves but also to give those who deserve it a go and allowing the business sector to maintain confidence in extending credit to their customers. 

Contact Bouvard Collection Agency