The Principles of Reciprocity and Data Exchange (PRDE) is a set of agreed principles that support Australia's credit reporting system. The PRDE facilitates sharing of credit reporting information between PRDE signatories by setting up a reciprocal data exchange.
ARCA developed the Principles of Reciprocity and Data Exchange (PRDE), and the Australian Credit Reporting Data Standard (ACRDS) through extensive consultation with ARCA Members and other key stakeholders. ARCA’s subsidiary, the Reciprocity and Data Exchange Authority (RDEA), is the PRDE Administrator Entity and has responsibilities under the PRDE to support the administration of the PRDE and its compliance framework.
In 2015, the Australian Competition and Consumer Commission (ACCC) authorised key paragraphs of the PRDE relating to the PRDE's reciprocity, consistency and enforceability provisions. In 2020 the ACCC again Authorised key paragraphs of the PRDE for a further six years
For more information, visit the PRDE website - www.prde.com.au
Link to 2020 ACCC PRDE Authorisation
Principle One enshrines that signatories commit to the binding and enforceable system and structures developed by industry that encourage the safe and secure exchange of credit information in the PRDE.
Principle Two ensures that the partial and comprehensive credit information is only exchanged between signatories to the PRDE.
Principle Three ensures that data meets a certain standard before it is exchanged, by requiring that shared data adheres to the ACRDS. The standardised system means that data is communicated in a way that it can be universally understood by other signatories to the PRDE
Principle Four sets out a timeline for when signatories to the PRDE must transition their contribution of information into the PRDE. The timeline will ensure that there is a smooth transition to the PRDE.
Principle Five outlines the dispute resolution and enforcement mechanisms of the PRDE system. The principle will ensure that there are comprehensive structures for compliance, monitoring, reporting and dispute resolution.
Principle Six sets out the how the PRDE may be varied and commits to a review of the PRDE three years after it commences.