Industry Supports Federal Government’s Approach that CCR is a Vital Part of Australia’s Economic Infrastructure


21 March 2016

Industry Supports Federal Government’s Approach that CCR is a Vital Part of Australia’s Economic Infrastructure

The Federal Government has today acknowledged that CCR is a vital part of Australia’s economic infrastructure. More comprehensive information sharing will increase the availability and affordability of credit to borrowers and allows lenders to make better credit risk decisions.

The Australian Retail Credit Association (ARCA) looks forward to working with the Productivity Commission who has today been being tasked with providing recommendations to encourage the utilisation of comprehensive credit reporting (CCR).

“Industry participation is an essential ingredient to successful comprehensive credit data sharing,” Australian Retail Credit Association Chief Executive Officer Damian Paull said today.

“ARCA agrees with the government’s response to the Financial System Inquiry Report late last year, that a voluntary industry based approach to implementation of CCR is the best option.

“We also support the government’s view that industry needs time to prepare to participate.”

A voluntary industry based approach to implementation of comprehensive credit reporting is the best option. In recognition of this, since CCR was enabled in 2014, industry has since developed a sustainable positive credit reporting system.

As the peak body for the consumer credit industry, with a membership base that comprises most of Australia’s leading financial services organisations, ARCA has been instrumental in developing an industry approach to CCR.

The industry developed framework for CCR is called the Principles of Reciprocity and Data Exchange (PRDE). The PRDE is a set of principles that create the framework for the reciprocal sharing of comprehensive credit data.

Industry spent over a year developing the data sharing framework and an additional year working through an Australian Competition and Consumer Commission (ACCC) authorization process. The ACCC authorised the PRDE for operation on 25 December 2015. Since authorisation, a number of organisations have become signatories and several more are working through the final stages of preparing to become a signatory.

“ARCA Members have been at the heart of developing this framework for implementing the comprehensive credit reporting reforms,” said Mr Paull.

“We are looking forward to providing the Productivity Commission with an update on the PRDE and of the significant steps that our Members have taken toward delivering the benefits of comprehensive credit reporting to Australian consumers.”

For more information, contact: Damian Paull, ARCA CEO
03 9863 7859

About ARCA
ARCA is the peak body for retail Credit Providers and Credit Reporting Bodies as defined in the Privacy Act 1988. ARCA exists to promote best practice in credit risk assessment and responsible credit, as well as to promote better standards in consumer credit reporting. ARCA takes a leadership role in promoting the sharing of information to enable Credit Providers to better serve their customers. Visit for further information.