The Australian Competition and Consumer Commission has granted authorisation for five years to the Australian Retail Credit Association Ltd in relation to principles for exchanging comprehensive consumer credit data between signatory credit reporting bodies and lenders.
The ACCC acknowledged the concerns raised in some submissions that the rules were overly prescriptive and will impose costs on smaller credit providers who wish to have an agreement with more than one credit reporting body.
It also acknowledged the concerns of consumer groups about the recording of repayment history when a consumer is under financial hardship arrangements.
The authorisation will be reviewed in five years.
