15 October 2009
Here is an interesting article from news.com.au about potential changes to privacy laws for financial institutions. I will post the first part of the article, but you can find it in full here.
Would anyone else find it concerning if banks were able to see when you were late to pay just one utility bill?
"Banks will be able to view your financial records under proposals
CONSUMERS will have black marks lodged on their credit files for missing just one utility bill or credit card repayment under proposed changes to the Privacy Act.
The controversial proposals will give banks carte blanche to view every aspect of our financial affairs, including accounts with other institutions, relationships with utility companies, when accounts are opened and closed, and, crucially, the repayment history of all accounts going back two years.
The information will then be used by lenders to assess whether people can afford repayments on new applications for credit, the Herald Sun reports."
View the rest of the article here
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