Credit bureau operator Veda has opposed the idea of establishing a database of small amount credit contracts, saying it would be an unnecessary duplication of resources.The idea of an SACC database was included in a consultation paper issued by the Government earlier this year. A panel reviewing the regulation of SACCs was asked whether a national database would assist providers in assessing applicants.The Australian Securities and Investments Commission supports the idea. Its submission to the review said a mandatory real-time database of payday loans would assist lenders to comply with their responsible lending obligations.Veda said an SACC database would need to meet a considerable regulatory burden. "In addition to onerous provisions for accuracy, access, disclosure and retention there is also the challenge of matching information to the right person. Any such database would have stringent requirements for consumers to access the information and demand correction," it said in its submission to the review."We do not believe a separate database makes sense when the infrastructure is already available from the private sector. Use of comprehensive credit reporting data would meet the key requirements of the SACC legislation."Veda said the SACC sector already provided credit reporting information to credit reporting bureaus, with 182 SACC lenders currently use Veda, making about 500,000 inquiries a year.It said SACC inquiries were up two-thirds since 2012.Veda recommended increased reporting obligations for SACCs, requiring that they report the extent of data contributed to bureaus."SACC lenders who do not access a credit report should have to demonstrate why they did not and what alternative steps they took," it said.The Australian Retail Credit Association echoed Veda's views. It said: "The objectives of a register can be met most efficiently and effectively by loading SACC loans as consumer credit liability information in the credit reporting system.""This would have the benefit of making this data visible to other credit providers, assisting them in meeting their responsible lending obligations."Such an arrangement would also make it easier for SACC issuers to obtain credit information at the same time as checking the SACC status of their customers."