Australia's latest credit report rumpus is soon to switch into overdrive as the deadline nears for the publication of proposals that may see big changes to the way Australians are credit checked.
Since 2006, Australia has been going through a major debate that is likely to see the overhauling of its privacy law.
As part of this wider discussion over the future of Australia's privacy rules, the handling of the credit information of Australians has come up for review. Both the credit industry and privacy watchdogs have been lobbying hard, with each side keen to persuade the Australian government to back its respective plans for the future of the Australian credit reporting system.
What does all this mean for Australians?
At the moment Australian lenders are only allowed to share with the credit reference agencies identification information and 'negative' data - such as records of when consumers have failed to pay what is owed and bankruptcy type information.
In future, large sections of the credit industry would like to get their hands on much more of the Australian public's credit information. Lenders have for some years been calling for the ability to see what they call 'positive' data, such as the payment history and credit limits of consumers.
Tensions run deep between the credit industry and privacy camps. Verbal brickbats have been thrown over what many would consider small matters. To illustrate the point, some advocates of tough privacy rules have been unable to agree over the labels 'positive' and 'negative' data. For some, such labels are seen as a part of the credit industry marketing campaign to get greater access to consumer credit information.
Those in favour of giving lenders greater access to the credit information of the Australian public strongly argue there would be less financial hardship for consumers. Lenders, they contend, would be in a much stronger position to spot people getting into financial hardship.
They also believe the Australian economy would be boosted by around $5 billion dollars as many consumers would find credit much easier to come by.
Those consumers who have built up a strong reputation for meeting their financial commitments each month would also likely see a reduction in their monthly credit bills. As lenders say more credit information - including payment histories - would allow them to price for risk. Low risk consumers, the argument goes, would see a corresponding drop in the price they pay for credit.
Privacy advocates say opening up access to a wider range of credit information to lenders would actually increase financial hardship among consumers, rather than reduce it.
The UK and US have been used as examples of what happens when credit reference agencies are allowed to share a wider range of credit report information with lenders. These two countries have seen an increase in the amount of credit available to consumers with a corresponding increase in the numbers of people facing financial trouble.
Opponents of giving lenders access to more credit information also stress it is fanciful to believe consumers who have to rely on Payday Loans would suddenly be granted access to mainstream credit products, especially in light of the recent credit crunch.
The Australian government is expected to have the Australian Law Reform Commission's credit reporting proposals to ponder sometime in March. Until it makes its decision, this issue is guaranteed to generate a huge amount of steam, as Australians chew over the merits of allowing lenders access to more of their personal credit information.
