Half a million Australians have lied or omitted information on a credit application. DATA bureau Veda, which provides information and analysis to lenders and borrowers, said its research found three per cent of Australians had admitted being less than straight-forward on their applications.

“It’s really a form of fraud if people are doing that,” Veda spokeswoman Belinda Diprose said.

Recent changes in legislation will allow lenders to see a range of credit details that expose lies and omissions, she said.

The newly available information includes: when accounts are opened and closed, the type of account, the credit limit and, importantly, the repayment
history.

Veda says it is just as alarming that 2.1 million Australians, or 13 per cent of those using credit, are at risk of default in the next year.

This is a slight reduction from the previous year, down from 15 per cent.

Source: News Limited