The Government announced on 2 November 2017 that it would legislate for a mandatory comprehensive credit reporting regime to come into effect by 1 July 2018, requiring the big four banks to participate fully in the credit reporting system.
This measure will give lenders access to a deeper, richer set of data enabling them to better assess a borrower’s true credit position and their ability to pay a loan.
The Government is seeking views on the exposure draft legislation and accompanying explanatory materials, which implements this measure.
- ADS Law - PDF 313KB
- Australia and New Zealand Banking Group - PDF 243KB
- Australian Banking Association - PDF 129KB
- Australian Finance Industry Association - PDF 190KB
- Australian Retail Credit Association - PDF 1MB
- Australian Small Business and Family Enterprise Ombudsman - PDF 621KB
- Commonwealth Bank of Australia - PDF 841KB
- Customer Owned Banking Association - DOCX 92KB
- Equifax - DOCX 53KB
- Experian - DOCX 998KB
- Financial Rights Legal Centre, Consumer Action Law Centre, Australian Communications Consumer Action Network, Australian Privacy Foundation and Financial Counselling Australia - PDF 316KB
- Illion - PDF 512KB
- Insurance Council of Australia - PDF 90KB
- Latitude Finance - PDF 44KB
- MoneyPlace - DOCX 49KB
- National Council for Single Mothers and their Children - PDF 210KB
- Office of the Australian Information Commissioner - PDF 1MB
- Policy & Economic Research Council - PDF 5MB