Article Abstract:
The trend toward globalization has compelled the consumer credit industry to discover various consumer attitudes and economic indicators in Australia and the key Asian countries of Hong Kong, Thailand and Singapore. Existing demographic, economic, regulatory and socio-economic trends will assist in forecasting the prospects of the consumer credit industry. Although consumer credit is generally accepted by Australian consumers, the sluggish economy is hindering growth. Despite the continuous economic growth of Hong Kong, discretionary spending activities will likely continue until its annexation to China in 1997. Singapore's expanding economy has given rise to consumer confidence and consumer credit usage as well as high discretionary income. The growing economy of Thailand has increased the demand for consumer credit cards and manifests a potential market under favorable credit regulations.
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Article Abstract:
Credit bureaus must work together with credit grantors to erase any perception of the mishandling of credit bureau files by providing updated information in as short a time as possible to reduce complaints from consumers. Aside from being current, the files provided by credit bureaus must be accurate and comprehensive to ensure better consumer relations. Regionalization through an automated consumer relations (CRS) system, as adopted by the Trans Union Credit Information Co, is one means of enhancing consumer relations. The CRS is equipped with functions for fast consumer file disclosure process, reverification of disputed data through request distribution, and correction of consumer files.
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Article Abstract:
Many developments in the credit industry are expected to effect changes in the management of the industry in the 1990s. Changing customer demographics, better technology, increased legislative attention, more big business consolidations, and greater use of credit abroad are sure to require new management practices and skills. The International Credit Association (ICA) is making sure that it is ready to respond to the challenges presented by the changing environment.
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