Retailers no longer need documents proving income when shoppers apply for credit

Retailers no longer need to collect any particular form of documentation proving income when consumers apply for credit, ruled the High Court.

The Money Show’s Bruce Whitfield interviewed Norton Rose Fulbright Director in Litigation Lauren Fine.

The judgment does not affect the duty to conduct a fair and objective income assessment, according to Fine.

Listen to the interview in the audio below (and/or scroll down for quotes from it).

The Court found it discriminated… The Court gave the example of a flower seller without a bank account… They would be excluded from obtaining credit… They are now able to apply…

Lauren Fine, Norton Rose Fulbright

It is in the interest of retailers to only provide credit to those who can pay…

Lauren Fine, Norton Rose Fulbright

These retailers have systems in place, and checks and balances…

Lauren Fine, Norton Rose Fulbright

The numbers of people excluded from credit were large… they will once again have access to credit… I’m not saying it’ll be granted… I don’t believe there will be easy credit…

Lauren Fine, Norton Rose Fulbright

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This article first appeared on 702 : Retailers no longer need documents proving income when shoppers apply for credit


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