More and more people are being denied loans due to the current credit-report system. This is bad news for Australians who have had a poor credit history or suffered bankruptcy, making it virtually impossible to secure a loan through the mainstream lending services such as banks.
Under the current credit report system, credit checks only provide lenders with the number of credit inquiries and details of overdue payments and court judgements in the past five years. Additionally they can see bankruptcy orders made in the past seven years. This comes as a severe disadvantage to those with a less than favourable financial past, to secure a loan and get back on their feet. The reports fail to give a comprehensive individual analysis, and instantly condemn their history to hinder their financial future. […]