The National Consumer Credit Protection Amendment (Mandatory Credit Reporting) Regulations 2021 have been registered to assist the implementation of the mandatory credit reporting regime in Australia. Background.
The mandatory credit reporting regime made by the National Consumer Credit Protection Amendment (Mandatory Credit Reporting and Other Measures) Act 2021 requires credit providers that are large authorised deposit-taking institutions to supply mandatory credit information on 50 percent of their consumer credit accounts within 90 days of 1 July 2021 to all credit reporting bodies they had an agreement with on 2 November 2017.
Within 90 days of 1 July 2022, the same credit providers need to supply credit information on their remaining consumer credit accounts to the same credit reporting bodies.
Beginning on 1 July 2022, the mandatory credit reporting regime will also require the same credit providers to supply financial hardship information about an individual, where available.
The Regulations support the mandatory credit reporting regime by prescribing:
- additional circumstances where a credit provider that is subject to the regime must make ongoing supplies of repayment history information;
- additional circumstances where a credit reporting body is restricted from disclosing information it has received under the regime;
- information that must be included in statements given to the Treasurer by credit providers and credit reporting bodies that are subject to the regime; and
- civil penalty provisions in the new regime that are subject to an infringement notice.
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Author: David Jacobson
Principal, Bright Corporate Law
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.