Non-bank lenders join Consumer Data Right
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The news: Non-bank lenders are now required to share product data such as interest rates, fees, charges and eligibility criteria through the Consumer Data Right (CDR). The sector joins banks and energy companies that are currently encompassed under CDR.
The context: Consumer data sharing for non-bank lenders will be phased in from 9 November. Consumers will be able to use their own data to compare products, streamline loan applications and consider whether switching lenders could help them get a better deal.
CDR is an opt-in service that allows consumers to share their data, with visibility of who it is being shared with and the purpose for sharing it.
The Australian Competition and Consumer Commission (ACCC) and the Australian Information Commissioner jointly regulate the CDR.
What they said: ACCC Commissioner Ian Oppermann said: “The inclusion of non-bank lenders in the CDR will give consumers a more complete picture of some of the largest household costs, including their mortgage, power bill, and car finance and personal loans.”
“Loans are among the biggest financial commitments for many Australians. Making more product information available in a consistent way will help comparison services and other CDR-enabled tools give consumers better information when they are looking to borrow from a non-bank lender,” he said.
The source: ACCC media release
