15 December 2006
Media Release
Dun & Bradstreet Australia has today welcomed the release of an Issues Paper by the Australian Law Reform Commission (ALRC) into consumer credit reporting reform as an important step in encouraging competition in the Australian market.
The release of the Issues Paper by the ALRC follows a two year campaign by D&B for an inquiry into credit reporting in Australia and ultimately reform of Australia's existing negative only reporting regime.
D&B Australia launched a consumer credit bureau in a joint venture in 2004 with Macquarie Bank and has seen significant growth over the last 12 months. Most recently D&B Australia announced that two of the four major Australian banks had signed agreements with the D&B Australia consumer bureau.
The Issues Paper examines a number of issues, including:
- The impact of comprehensive reporting on defaults
- The impact of comprehensive reporting on responsible lending
- The impact of comprehensive reporting on economic growth
- The ability for reform to enhance competition in Australia's credit reporting market.
D&B Australia CEO Christine Christian believes the release of the Issues Paper is an important step in the development of Australia's consumer bureau environment.
"The benefits of comprehensive reporting are significant both for consumers and the efficient operation of Australian credit markets. The release of this Issues Paper by the ALRC is another important step in the campaign to develop a system in Australia that produces real benefits for consumers and competition for credit providers."
The ALRC Issues Paper can be found at www.alrc.gov.au
For further information, or to arrange an interview please contact:
Christine Christian
D&B CEO
D&B Australasia
03 9828 3146
About D&B
D&B is the world's leading provider of business-to-business credit, marketing and purchasing information and receivables management services. D&B manages the world's most valuable commercial database with information on more than 130 million companies.
Information is gathered in 193 countries, in 95 languages or dialects, covering 186 monetary currencies. The database is refreshed more than one million times daily as part of D&B's commitment to provide accurate, comprehensive information for its more than 150,000 customers.
The Australasian operations were bought out by the senior management group in August 2001. It was the first MBO of a wholly owned subsidiary in D&B's history worldwide.
Today Lazard Carnegie Wylie owns an approximate 90% stake in DBA and the local management team a 10% stake.
Strategies for future growth include developing DBA's commercial and consumer credit referencing business; expanding its receivables management outsourcing business; maintaining its lead in the development of unique credit and risk scoring products; and developing new products specifically tailored to the Australasian market. DBA currently employs over 500 people in Australia and New Zealand.
