Mandatory Comprehensive Credit Reporting Regulations

The Government is seeking stakeholder views on the exposure draft of the National Consumer Credit Protection Amendment (Mandatory Comprehensive Credit Reporting) Regulations 2018.

These Regulations provide detail on the Government’s mandatory comprehensive credit reporting regime. Specifically, the Regulations propose to give effect to a number of provisions within the National Consumer Credit Protection Amendment (Mandatory Comprehensive Credit Reporting) Bill 2018. These include:

• excluding certain types of accounts from being supplied within the mandatory regime;
• specifying additional events which require ongoing reporting under the mandatory regime;
• placing restrictions on credit reporting bodies from disclosing information they have received or derived through the mandated regime;
• setting out the types of information that credit providers and credit reporting bodies must include in statements to the Treasurer; and
• setting out circumstances when the Australian Securities and Investments Commission can issue an infringement notice for a civil penalty.