Credit Information Sharing in Australia: A Roadmap for Transitioning

POLITICAL & ECONOMIC RESEARCH COUNCIL by Michael Turner, Ph.D. D&B Consumer Credit Conference Melbourne, Australia – October 14, 2008 Credit Information Sharing in Australia: A Roadmap for Transitioning

[object Object],[object Object],[object Object],[object Object],Agenda

Introduction: Considerations for a Transition ,[object Object],[object Object],[object Object],[object Object],[object Object]

The Importance of the Legal & Regulatory Framework ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

The Importance of the Legal & Regulatory Framework ,[object Object],[object Object],[object Object],[object Object]

The Importance of Education to Build a Societal Consensus ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Element of an Effective Legal & Regulatory Framework ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Elements of an Effective Legal & Regulatory Framework Data Subject rights and protections Data furnisher obligations Credit bureau obligations Control over third-party access to credit file Regularly report accurate data Data quality standards Right to access credit file (free disclosure) Respond to consumer disputes in timely fashion Disclosures to data subject Procedures for consumer disputes and reverification Duty to correct and update inaccurate information Dispute resolution procedures Redress for harms Duty to report status of account (open, closed, delinquent) Data privacy and security, including third-party verification Notification of adverse actions and dispute rights Duty to respond to suspected ID fraud Inclusion of financial, governance and security standards

Key Data Subject Rights: An Overview ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Key Data Subject Rights: Dispute and Grievance ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Technical Issues ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Expected Changes in Lending Patterns

[object Object],[object Object],[object Object],[object Object],Expected Changes: Distributional Fairness Table 2: Change in the Acceptance Rate with Reporting Regime Change US Full-File Colombia Full-File (Neg.-Only = 1.00) (Neg.-Only = 1.00) Ethnicity Black 1.28 Hispanic 1.37 White 1.22 Age 18-25 1.47 18.31 (a) 26-35 36-45 1.22 6.48 (b) 46-55 1.21 4.54 (c) 56-65 1.20 3.85 (d) >65 1.19 HH Income (000) <20 1.36 (a) 20-29 1.3 (b) 30-49 1.24 50-99 1.21 >99 1.18 Gender Female 12.39 Male 5.91 (a) Actual Range is 18-32; (b) Actual Range is 32-42, (c) Actual Range is 42-50; (d) Actual Range is > 57.

[object Object],[object Object],[object Object],Expected Changes as Monitoring Devices

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],The Valley of Transition

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],The Valley of Transition: Hong Kong and Others

[object Object],[object Object],[object Object],[object Object],The Valley of Transition: How to Prepare

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Information Sharing & SMME Lending

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Gradual v. Rapid Implementation

[object Object],[object Object],[object Object],Gradual v. Rapid Implementation Inclusion of Positive Data Gradual Rapid Inclusion of Sectors Gradual I (US, EU, Aus, Brazil, Japan, South Africa) II (India, Indonesia) Rapid III (Sri Lanka) IV (Colombia)

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Gradual v. Rapid Implementation

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Gradual v. Rapid Implementation

[object Object],[object Object],Data Security Issues

[object Object],[object Object],[object Object],[object Object],[object Object],Data Security Issues

[object Object],[object Object],[object Object],Data Security Issues: The Role of Disclosures

[object Object],[object Object]

[object Object],[object Object],[object Object],[object Object],[object Object],Data Quality Issues: Importance of Data Quantity to Quality

[object Object],[object Object],[object Object],[object Object],Data Quality Issues: Stakeholder Incentives

[object Object],[object Object],[object Object],[object Object],Why Lenders Share Information with Credit Bureaus

[object Object],[object Object],[object Object],[object Object],[object Object],Another Valley of Transition: Value-Added Products

[object Object],[object Object],[object Object],[object Object],Information Sharing and the US Subprime Meltdown

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Information Sharing and the US Subprime Meltdown

[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Considerations for Australia

POLITICAL & ECONOMIC RESEARCH COUNCIL 100 Europa Drive, Suite 403 Chapel Hill, NC 27517 www.infopolicy.org Phone: +1.919.338.2798

Credit Information Sharing in Australia: A Roadmap for Transitioning

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Credit Information Sharing in Australia: A Roadmap for Transitioning