Not quite DaoeGrey54. The language is mangled - ZIP has always done basic credit checks, which means doing a credit bureau enquiry to confirm the person's identity and discover any credit related data. Credit enquiries are a means to determine if a customer has bad form, not to discover if a person can afford a BNPL loan and can discover other accounts which people may not divulge
The new legislation will cause BNPL providers to conduct background enquiries to determine that the credit is 'not unsuitable' for the applicant - which could mean asking to see payslips, bank statements orany other documentation. There is no specific method to make that determination, but the legislation has capacity to penalise the provider if it supplies unsuitable credit. Think of the welfare recipient with multiple accounts stacking credit facilities.
The devil is in the detail which is likely to stem growth, along with the deepening economic dramas
$2 PARTY, page-9475
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