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Money news you should know

A look at what's catching our eye in money news today and what it means for you.

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A few things trending today that have caught my eye, firstly will the winner of that $40-million mysterious Oz Lotto please stand up?

The win is sure to be life changing for someone, and their families, and then their friends, distant relatives…come to think of it, we could be related.

Secondly, this news report overnight about Australia’s biggest credit reporting bureau, Veda Advantage, which has been accused of providing incorrect information and refusing to fix errors on consumer financial records.

The report raises alarm bells to any Australian looking to take out a homeloan, or indeed anyone with a bit of debt to their name… which come to think of it, is many of us.

Veda reportedly has detailed files on an estimated 20 million Australians – that is anyone who has ever applied for a loan or credit card via a bank.

MoneyPlace CEO Stuart Stoyan said banks are over-reliant on this collection of Veda’s credit data, and it’s problematic given the importance the credit reports have to people’s ability to get a loan.

“This [news on Veda] highlights the lack of awareness that most Australians have of companies like Veda and the information in their own credit report.”

He added there’s been a push to make comprehensive credit reporting mandatory in Australia, which will ensure more robust and detailed credit history is made available about prospective borrowers than what is currently available.

Also happening in the news…Building the financial resilience of women will be part of the focus of a new program as eleven trailblazing organisations commit to measures to stimulate inclusive economic growth.

According to the CEO of Good Shepherd Microfinance, Adam Mooney, the new Financial Inclusion Action Plan (FIAP) program will see coordinated, measurable actions to improve financial resilience for people experiencing financial exclusion and hardship.

Mr Mooney added that increased financial inclusion was linked to improved gender equality and safer outcomes for women and their children.

“Building women’s financial resilience is good for everyone. Financially confident and resilient women create financially resilient families that are less likely to be victims of forms of family violence such as financial abuse.”

 

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