The ASIC Credit (Amendment) Instrument 2026/64 has extended mandatory credit reporting relief for credit providers.

The mandatory credit reporting regime under the National Credit Act requires credit providers to supply mandatory credit information to credit reporting bodies, including financial hardship information about an individual.

Instrument 2021/541 determined five kinds of account as not being eligible credit accounts for reporting purposes.

The Amending Instrument adds accounts created solely for testing new products as a sixth category of account that is exempted from reporting, provided:
(a) the account is not offered or made available to the general public; and
(b) the account is only offered to individuals involved in the testing the product with the credit provider; and
(c) the account is one of no more than 250 accounts created as part of the product testing; and
(d) the term of the account is for a period of no more than 6 months.

The relief will sunset on 1 October 2031.

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Author: David Jacobson
Principal, Bright Corporate Law
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About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.