How to avoid paying your bill in the US
How do you avoid paying an arrears bill in Australia?
Read moreThe Federal Government is set to introduce a new bill this week to change the way that consumers are assessed and charged by the financial services industry.
The new bill would require consumers to provide their credit score to credit reporting agencies to help them understand the value of their debt and how much they should be paying on it.
The bill, which was introduced last year by Senator Eric Abetz, will be introduced into the Senate and passed by the Senate this week.
The Consumer Credit Bill 2016 will require consumers with credit card debts to provide an arREAR account information.
“We want consumers to have the confidence that they can get the information they need to make an informed financial decision,” Senator Abetz said.
“The Government will also help reduce the burden on credit unions and other lenders by providing a mechanism for them to waive the collection of fees and charges for non-payment of arREARY accounts.”
The bill also includes changes to the way in which debt collectors are allowed to access consumer credit data.
“This will ensure that creditors have more access to consumer credit information,” Senator Subramanian said.
The Federal government is seeking $10 million in extra funding for the bill, and will also introduce a private member’s bill in Parliament later this month.
This story was updated on Monday to include information about how the bill will work.
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