3 September 2014
The Australian Retail Credit Association (ARCA), the peak industry representing all major credit providers and major consumer credit reporting bodies in Australia, last night received the 2014 MoneySmart Week Outstanding Achievement Award in recognition of its significant contribution to improving the financial literacy of Australians.
The third annual MoneySmart Week Awards Dinner was hosted in Sydney by Financial Literacy Australia, an independent, not-for-profit initiative that encourages all Australians to take action on their finances.
ARCA was awarded the Outstanding Achievement Award – industry category – for its CreditSmart campaign which explains the recent credit reporting changes and the growing importance of maintaining a clearer credit history to Australians. Presented by Hugh Harley, Chair of the MoneySmart Week Awards Committee, the Outstanding Achievement Award recognises the most effective contribution to improving consumer financial literacy in 2014.
New laws in March this year saw the introduction of comprehensive credit reporting to Australia, meaning that positive payment history can be included in credit reports, not just defaults and credit enquiries.
The CreditSmart campaign is focused on empowering consumers to take control of their credit report and on informing them of their consumer rights under the credit reporting system. The campaign was developed in response to independent research commissioned by ARCA in 2013, showing that 59 per cent of consumers had not heard of credit reporting and predominantly associated it with ‘negative’ things.
ARCA CEO Damian Paull said, “The MoneySmart Awards celebrate many great financial literacy initiatives that are encouraging and advancing a greater depth of knowledge among consumers. We have been delighted with the support for the CreditSmart campaign from consumer advocates and regulators who reviewed the materials, and from our Members who funded the program through voluntary contributions. We look forward to continuing our efforts to help Australians understand how to manage their credit profile.”
Judges from the MoneySmart Week Awards Judging Panel acknowledged the efforts ARCA made to communicate and reach consumers, and also commented on the success of the website (www.creditsmart.org.au), media campaign and consumer resources.
ARCA have recently developed new fact sheets to address frequently asked questions like “How to get a copy of your credit report” and “How to fix an error on your credit report yourself” which are available on the www.creditsmart.org.au website.
“Consumer education will remain a key priority for ARCA. The end goal is to increase financial inclusion and access to credit by consumers who can demonstrate a good repayment history. To achieve this, ARCA and its Members will continue to build industry partnerships and improve CreditSmart consumer education resources. Through ARCA, our members aim to deliver a better credit reporting system in Australia,” Mr Paull concluded.
ENDS
