The Report of the Review of Australia’s Credit Reporting Framework has been released.
The review considered the overall efficiency and effectiveness of the credit reporting provisions in Part IIIA of the Privacy Act 1988 and the mandatory credit reporting provisions in Part 3-2A of the National Consumer Credit Protection Act 2009.
The report contains 37 recommendations aimed at improving the overall operation of Australia’s credit reporting framework .
The Review concluded that the following areas should be addressed through regulatory reforms:
- that consumer understanding, access, and control over their credit reporting information should be strengthened.
- that the data collected and shared should be modernised to make it more relevant and efficient.
- the legislation and related instruments should be restructured to make it less complex, rigid and prescriptive and allow the details of the regulatory framework to be updated over time as the environment changes.
- Fourth, regulatory oversight and support for the credit reporting framework needs to receive higher priority
The Government will now consider the report before determining its response.
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Author: David Jacobson
Principal, Bright Corporate Law
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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.
