ARCA consulting on changes to improve credit reporting
13 November 2023 / ARCA Media Release
The Australian Retail Credit Association (ARCA) is consulting on proposed changes to the Privacy (Credit Reporting) Code for public feedback, which aim to better protect a consumer’s credit report and ability to access future credit.
Changing credit for the better - supporting people with knowledge and simpler processes for a safer, fairer future
October 2023 - Thriving Communities Partnership / Blog Spot
Written by Michael Blyth and Richard McMahon
In today's uncertain financial environment, an increasing number of Australians are experiencing significant financial difficulties, often spurred by rising living costs and soaring interest rates. As service providers, it is our responsibility to equip ourselves and our customers with the knowledge and tools necessary to effectively face these challenges.
Financial pressures affecting women and men differently
19 September 2023 - Financy / Article by Elsa Markula
A new study has revealed the stark behavioural differences between men and women when it comes to financial pressures in the current economic environment. The research by the Australian Retail Credit Association and YouGov found that women are less confident than men in their financial future for the next 12 months and in their financial futures more broadly.
Podcast: The importance of credit health during the cost of living crunch
30 August 2023 - Money Magazine’s Friends With Money Podcast #114: The credit crunch
The cost of living is continuing to put a strain on the finances of many Australians, but how is it impacting our credit health? On this episode of the Friends With Money podcast, Money's Tom Watson is joined by Geri Cremin, credit reporting expert at CreditSmart, to discuss the importance of credit health during the cost of living crunch.
How to navigate the end of your fixed rate mortgage
21 July 2023 - Money Magazine / Article by Elsa Markula
You're in a fixed-rate mortgage. Finances are tight. Your fixed rate period is coming to an end. You've got a letter from your bank telling you that once the fixed rate ends, your payments are going to increase, by a lot.
What steps should you take to navigate the impending changes?
Australians' resilience shines through in the face of financial stress
4 July - CreditSmart Media Release
Recent research conducted by CreditSmart, has found that Australians are taking charge of their financial well-being despite the challenges posed by shifting personal finances. The research analysed the credit habits, attitudes, and behaviours of nearly 1,500 Australians, and highlighted the remarkable level of resilience and determination in the face of rising cost-of-living concerns.
TCP is a not for profit organisation that enables collaboration across multiple sectors including business, academia, government, NGO’s and those with lived experience. TCP’s goal is to see everybody have fair access to the modern essential services they need to thrive in contemporary Australia.
'Financial hardship': The tough admission that can make your life easier
26 April 2023. Money Magazine Article by Elsa Markula
Rising interest rates and an increase in the cost of living are biting into the hip pockets of Australians, so it’s important to know that support is available to help you get your finances back on track.
Government dragging its feet regulating BNPL sector, causing more grief for the vulnerable
16 March 2023 - Michael West by David Gilchrist
Only a few years ago, Buy Now Pay Later was hailed as the ultimate in consumer credit innovation. The current reality is massive losses for the providers while cost-of-living pressures escalate, and the most vulnerable consumers suffer most.
ARCA moves to protect consumers, reaffirms support for BNPL regulation
27 January 2023 - Mortgage Professional
The Australian Retail Credit Association (ARCA) reiterates its position that Buy Now Pay Later (BNPL) should be regulated as credit to protect consumers from harm. In its submission to Treasury’s Regulating Buy Now, Pay Later in Australia consultation process, ARCA maintains its long-held position that BNPL is credit and should be regulated as such under the National Credit Code. BNPL is already credit under the Privacy Act definitions.
Call for affordability checks, credit score reports on BNPL
25 January 2023 - The Australian / Article by Joyce Moullakis
Affordability checks and credit score reporting should occur on all buy now, pay later accounts to protect against consumer harm, with the proviso that smaller ticket purchases have a slightly simpler set of regulations.
That's the view of the Australian Retail Credit Association. Combined, ARCA's members account for more than 95 per cent of all regulated consumer lending in Australia.