The consumer finance industry will push for more changes to the credit reporting rules once Australia's new comprehensive credit reporting regime comes into effect next year.American Express' chief credit officer, Prashant Kalia, says some countries are going a lot further with their credit reporting regimes, however.Kalia, who was speaking at an AB+F retail banking conference in Sydney yesterday, said that in India lenders can look up credit reports to see whether consumers pay the minimum monthly amount on their account or more."That is a standard we should aspire to," he said.Another speaker at the conference, Dun & Bradstreet's director of consumer risk solutions, Steve Brown, said: "More data is always better. At the moment, the borrower knows more than the lender in a credit application. "The changes coming in next year will address some of that. We would like to see the industry show that it can implement change and then advance the agenda."Brown said Dun & Bradstreet would like to see the inclusion of account balance data in credit files.Surprisingly, Brown expects to see a contraction of consumer credit following the introduction of comprehensive reporting. "Lenders will start to learn things about consumers that they did not know before, such as the number of late payments they make," he said.However, with time, lenders will also be able to identify consumers who may have been ineligible for credit because of defaults in the past but who have maintained a good payment history since. They will develop products and pricing structures for these borrowers.Citigroup Australia's country risk director for consumer, CLN Murthy, agreed that there would be a tendency to reduce credit limits after comprehensive credit reporting came in.