In November 2017, the then Treasurer, the Hon Scott Morrison MP, announced that the Government would introduce a mandatory comprehensive credit reporting regime, requiring the big four banks to participate fully in the credit reporting system.
On 25 June 2018, legislation to implement the regime (National Consumer Credit Protection Amendment (Mandatory Comprehensive Credit Reporting) Bill 2018) passed the House of Representatives. However, the Bill did not pass prior to the dissolution of Parliament due to the election.
The previous Bill, intended to mandate comprehensive credit reporting, has been updated to include the Attorney-General’s recently announced changes to the reporting of hardship arrangements.
Specifically, the revised Bill introduces a new category of information within credit reporting, enabling hardship information to be reported alongside repayment history information.
The Government is seeking views on the exposure draft legislation and accompanying explanatory materials, which implements this measure.