The Australian Retail Credit Association (ARCA) today welcomed peer-to-peer lender RateSetter as its newest member, broadening ARCA’s representation of the retail credit industry to include smaller and emerging lenders.
ARCA CEO Damian Paull said the move reflected the recent rise in peer-to-peer and other alternative lending models.
“We’re excited to have the perspective of an emerging credit provider at the table, especially in such a dynamic segment of the market. ARCA membership will support RateSetter to take a proactive leadership role in credit reporting and join existing members to improve the system for the benefit of industry and consumers,” he said.
As the peak body for the consumer credit industry, ARCA’s membership base comprises of some of Australia’s leading financial organisations. These include banks, credit reporting bodies, mutuals and vehicle financers. ARCA recently welcomed Momentum Energy as a smaller non-financial member.
RateSetter CEO Daniel Foggo said the firm was committed to achieving positive change in the Australian retail credit industry.
“ARCA provides a strong and trusted voice that speaks on behalf of many credit organisations. As Australia’s first company to provide peer-to-peer lending to retail savers and investors, RateSetter is thrilled to join other leading credit providers as a member of ARCA,” he said.
Facilitated by ARCA, the Comprehensive Credit Reporting (CCR) regime kicked off in March 2014. Over time, CCR will lead to better lending decisions and access to credit for consumers through new and improved data in the credit reporting system.
“With new credit providers like RateSetter set to benefit from more comprehensive and transparent credit information, ARCA looks forward to working with a broader range of lenders to facilitate positive change in the financial services industry,” said Mr Paull.
RateSetter is the first provider to join ARCA under its new Tier Four membership category designed for smaller and emerging credit providers. For more information please visit http://www.arca.asn.au/members/join-arca.
