The information in credit histories can affect a bank’s decision to loan money. Stephanie Flack/AAP

Business Briefing: what happens to your credit history

Business Briefing: what happens to your credit history.

One of Australia’s major credit reporting agencies, Veda Advantage, is under investigation amid allegations it misused personal financial information and in some cases provided incorrect information. This isn’t the first time a reporting agency has been scrutinised for doing the wrong thing, as Justin Malbon, Professor of Law at Monash University, explains.

At the moment it’s up to consumers to check if their credit history information is correct. Malbon says credit reporting agencies have found a way to make money out of what is a consumer right under the Privacy Act.

So is it time the whole credit reporting industry was put into government hands? That and more on this episode.