Australia wants to start a new credit reporting system called CCR. If using this, a much wider range of information will be available, from details of credit cards and personal loans to monthly bill repayment history. Changes mean companies will be able to access additional information around the types of credit, limits and how often people pay their bills on time.
Do you think that Australia should make their credit information this know? Is this a good idea? Should others have this much access to you personal information?
I think it could help because it would make information transfer a lot easier and more accessible. However, this could be dangerous because your information could easily fall into the wrong hands and is more open.
We have a well-protected system of personal information, including that of credit, that keeps economic activities convenient now, and any kinds of personal information should not become more accessible. The more accessible personal information will danger our privacy sooner or later.
I think that this credit system is a bad idea because people other than companies will be able to access your information much easier. This will lead to identity theft and i believe the cons outweigh the pros.
This system is a poor idea because it makes your financial information extremely accessible. No one wants to be a victim of identity theft. However, this may make transfers and other financial matters easier to process because the information is more readily available, but at a great risk of your personal financial information falling into the wrong hands.
