The ACCC has decided to re-authorise the Australian Retail Credit Association Ltd (ARCA) and current and future signatories to the Principles of Reciprocity and Data Exchange (the PRDE), to give effect to certain reciprocity, consistency and enforceability provisions contained in the PRDE, until 31 December 2026.
ARCA is the industry association for organisations involved in the provision, exchange and application of retail credit reporting data in Australia. Its members include credit providers and credit reporting bodies.
The PRDE sets out rules and standards for participating credit providers and credit reporting bodies to follow when contributing and accessing consumers’ comprehensive credit information.
In response to consumer advocates having raised concerns about a lack of effective consumer engagement during the independent review process for the PRDE, ARCA has committed to ‘ensure that consumer advocate groups are consulted in respect to any future PRDE amendments which are likely to lead to broader consumer impacts that are not otherwise dealt with under the existing credit reporting framework.
The extent to which ARCA consults with the relevant consumer advocacy groups in developing any future amendments to the provisions of the PRDE will be taken into account by the ACCC in assessing any future application for re-authorisation.
The reciprocity, consistency and enforceability provisions of the PRDE were originally authorised by the ACCC in 2015 for five years, expiring on 25 December 2020.
Further information about the ACCC’s determination is available on the ACCC public register at: Australian Retail Credit Association.