Changes to credit scoring will take effect today, but most Australians are unaware of these important changes and how it will impact their credit capabilities. A recent survey from market firm Experian shows that 74% of their respondents are not aware of such changes, and worst, 61% cannot recall credit providers mentioning these changes. 30% of the survey’s respondents said that they will be more loyal customers provided they will be educated about the changes to their credit report.

Educating clients regarding these changes will be very important, as it gives them an idea what information will be accessible to lenders. In turn, lenders can provide the appropriate credit scheme that matches their client’s financial status.

Read more about this on the Adviser website.