CR CODE VARIATION APPLICATION FOR HARDSHIP REFORMS
The National Consumer Credit Protection Amendment (Mandatory Credit Reporting and Other Measures) Act 2021 was passed in February 2021 and provided for a new form of ‘financial hardship information’ to be included in the credit reporting system from 1 July 2022. The law also made other changes, including allowance for ‘non-participating credit providers’ and a requirement for credit reporting bodies to give individuals their ‘credit rating’.
ARCA was asked to act as Code Developer by the Office of the Australian Information Commission (OAIC) to draft the changes required by the Privacy (Credit Reporting) Code 2014 (CR Code) to allow for the reforms. Following a consultation process, including a public consultation that ran between 5 July and 11 August 2021, ARCA has made an application to the OAIC to vary the CR Code. The OAIC is now considering the application.