The National Consumer Credit Protection (NCCP) Act is one of many developments in Australia's credit risk landscape changing the way credit providers and credit assistance providers conduct their business.
The National Consumer Credit Protection Act is a recent Commonwealth law that includes the old state based Uniform Credit Code. It enforces reponsible lending obligations on all licensees. To find out more about the National Consumer Credit Protection obligations visit ASIC.
Veda has developed a five step plan to help businesses meet their obligations under the legislation.
New responsible lending laws require you to make reasonable inquiries* about applicants using robust credit risk management processes and the best available information. The key is to distinguish which applications need further scrutiny to comply with the new law and which do not.
Veda's credit reports are a valuable tool to help you distinguish applications needing further scrutiny. Existing Veda credit reports contain unique and valuable information to identify higher risk applications.
Current Veda credit reports are one of the only data tools available that can help you identify undisclosed liabilities in order to verify financial circumstances* as required under the National Consumer Credit Protection Act.
Veda holds the largest consumer credit database in Australia with data on 16.5 million credit active individuals. The breadth and depth of this coverage provides a comprehensive and reliable view of consumer credit applications.
* ASIC Regulatory Guide 209: Credit Licensing Responsible Lending Conduct (February 2010)