Australian National Financial Services Federation Members update

Below is an update on the move towards Positive Credit Reporting in Australia. This move is encompassed in the Privacy Amendment (Enhancing Privacy Protection) Bill 2012 and the process is on-going.

The introduction of the Privacy Amendment (Enhancing Privacy Protection) Bill 2012 to the Commonwealth Parliament has triggered the requirement to develop a new Credit Reporting Code (CR Code). The CR Code will enhance and clarify the legislative requirements related to credit reporting for Credit Providers (CPs) and Credit Reporting Bodies (CRBs). The Code Industry is managing the development of this code.

Australasian Retail Credit Association (ARCA) convened the Code Industry Council (CIC) in February 2012 which consists of 11 key industry associations and representatives from three credit reporting bodies, to ensure all relevant industry stakeholders involved in credit reporting have an opportunity to participate in the Credit Reporting Code development process. Since February, the CIC have met six times.

The diagram below gives a visual representation of the timetable and progress made to date..

We will keep you informed of updates as they come to hand.