If there is one thing the major banks agree on, it's that they don't like sharing, even when it will be for the greater good of the banking sector. And they seem to be slow learners, too.  Why else would they call the bluff of a Federal Government with a track record of bank bashing? Which is why, with several years of false starts dating back to when the regulations developed by a Labor government were passed by a conservative Parliament in 2012, it has been a slow haul towards a viable system of comprehensive credit reporting. The May 2017 Federal Budget, effectively gave the major banks six months to join up for a CCR group hug and to commit their customer records to the collective effort - such that a critical mass of 40 per cent of all records were available. And so, even after Treasurer Scott Morrison made it plain what was needed, Anna Bligh, chief executive of the Australian Banker's Association came out with questions couched as being in the public interest: "It is imperative that the safety and privacy of consumer data is paramount in the new scheme and that people are not unreasonably or unfairly denied credit."  "Given the importance of these issues to bank customers, a number of questions about the Government's proposal need answers," she said. To paraphrase her questions, the ABA's concerns included: •             concerns over a consumer's right to request that their credit history is protected or not passed on; •             the level of privacy protection, especially when customer data is provided to non-bank financial services; •             the impact of financial difficulty or temporary financial hardship; if and when the mandate will apply beyond the major four banks; and •             whether the current system's principle of reciprocity continue to apply. So, in the spirit of openness Banking Day put those questions to Mike Cutter, who is the interim group managing director, Asia Pacific, for Equifax (formerly Veda Advantage) - one of the major credit reference bureaus who will be tasked with making sure the governments mandate is met with a minimum of fuss. Cutter responded to all points, summarised as follows: firstly the passing on of credit history is covered by one of the clauses in any standard loan documents - that is the lender will ask for permission from the borrower to share their credit history in order to speed up and make a better decision. Further, the privacy of data is well covered by the Privacy Act.   As for situations of hardship or misfortune, the individual consumer would be expected to work with their credit provider; it's likely the lender will look to restructure the loan to schedule lower payments, for instance.  The new rules will apply to all lenders, although the Treasurer did not indicate when the mandate would apply to everyone else, other than the four major banks.  Cutter suggested that it may not even be necessary to mandate further as the benefits of this system will always outweigh the costs. He sees