Media Updates
Arca welcomes financial abuse report
13 December 2024 / Australian Broker
Arca stressed the urgent need to address how financial institutions respond to victims and survivors of domestic abuse, particularly when navigating the credit system.
Arca urges swift action on credit reporting reforms
3 December 2024 / MPA Magazine
The Australian Retail Credit Association (Arca) is calling on the federal government to prioritise reforms to modernise the nation’s credit reporting system, following the release of the Final Report from the Review of Australia’s Credit Reporting Framework.
Buy Now Pay Later legislation passes Parliament, credit bodies say it is 'a good outcome for both consumers and industry'
2 December 2024 / Australian FINTECH
Arca, the peak industry association focussed on the use of credit reporting and consumer data, has shown its support for the Federal Government’s legislation to regulate the buy now, pay later (BNPL) industry, which passed through Parliament on Thursday evening.
Arca calls for urgent reforms to modernise Australia's credit reporting system
29 November 2024 / Arca Media release
Arca is urging the Government to promptly continue work on reforms to modernise Australia’s credit reporting system.
The need for modernisation was recognised in the Final Report from the Review of Australia’s Credit Reporting Framework, released by Government yesterday and containing the findings of an independent review into Australia’s credit reporting system.
Arca Media Release: How Australia compares to the UK’s credit reporting system
31 October 2024 / Broker Daily
Jackie Keogh, Independent Chair of the UK's Credit Information, Interim Working Group
Globally, credit reporting is undergoing a significant shift, with countries like the UK and Australia adopting distinct governance models to manage consumer data and credit information. I’ve observed stark contrasts between the two nations’ approaches.
What are the main buy now pay later apps in 2024?
11 October 2024 / Money Magazine
In June, the government announced that buy now pay later would be brought under the Consumer Credit Act and regulated as a form of credit, an announcement welcomed by Arca’s CEO, Elsa Markula, "The regulation of buy now pay later is just about adding to the clarification that buy now pay later is a form of credit where a form of responsible lending obligations will apply."
A win for consumer privacy with new credit reporting code
3 October 2024 / Broker Daily
The Office of the Australian Information Commissioner (OAIC) recently announced changes to credit reporting that will see increased protections surrounding credit information. Introductions to the Privacy (Credit Reporting) Code 2024 (Credit Reporting Code) will set a new standard in the way Australians’ credit information is handled, in the hopes of boosting privacy.
Arca-developed credit reporting code approved by privacy commissioner
1 October 2024 / Media Release
Arca welcomes the announcement by the Office of the Australian Information Commissioner (OAIC) today that it has approved the updates to the Privacy (Credit Reporting) Code requested by Arca. The updates provide for new rights for consumers, and will drive more consistent practices across the credit industry.
CDR to be reset
12 August 2024 / The Adviser
Assistant Treasurer and Minister for Financial Services, Stephen Jones MP, has announced that the federal government will reset the Consumer Data Right (CDR) in order to deliver “better consumer outcomes”. According to the minister, CDR has the “potential to deliver real economic transformation” and said that the former government’s “poor execution” has meant that the cost to implement CDR into businesses is too high.
How to choose a credit limit for your credit card
25 September 2024 / Finder
If you're applying for a new credit card, you may have the choice between requesting a specific credit limit or letting the lender offer you one. You can also request a credit limit increase or decrease on your existing card. Ideally, you want to choose a credit limit that allows you to pay for the things you need, while also remaining affordable so it doesn't put pressure on your budget.
“Use cases for the CDR are almost unlimited”: Arca
11 July 2024 / itnews
Michael Blyth, general manager for policy and advocacy at Arca told Digital Nation, “The use cases for the CDR are almost unlimited; if the system can earn the trust of consumers.” “Before that can happen, businesses must be convinced that investing in the CDR system as a data user is worthwhile. “Lending and credit-related uses are the best way to promote adoption by businesses and consumers."
Arca proposes credit reporting system modernisation
25 June 2024 / MPA news
Arca, the industry association focused on credit reporting and consumer data, has submitted 36 recommendations to modernise Australia’s credit reporting system. The recommendations, submitted to the Review of the Credit Reporting Framework under Part IIIA of the Privacy Act, aim to adapt the system to meet 21st-century demands and support Australians effectively.
'Expand credit reporting': ARCA
24 June 2024 / Banking Day
The addition of more detailed consumer data, improved regulation of credit repair services, increased credit reporting participation from lenders, telecommunications and utility providers, and Buy Now Pay Later services are all needed if Australia's credit reporting system is to be effectively modernised, the Australian Retail Credit Association says.
'Save our BNPL sales' cry ARA
4 June 2024 / Banking Day
The government must be wary of drafting the final version of this bill in a manner that either stifle, or fails to allow for, innovation, the Australian Retail Credit Association said in its submission to Treasury. “The reform package appears to be driven by a focus on the types of BNPL currently available” Michael Blyth, wrote in its submission.
What will the Government’s ‘Buy Now Pay Later’ regulations mean for retailers? (and shoppers)
5 April 2024 / RetailBiz
Over the past decade, Buy Now Pay Later (BNPL) services such as AfterPay and Zip Pay have become synonymous with offering consumers a sense of improved convenience and flexibility when it comes to payment options. Despite their popularity, the absence of regulations in the BNPL industry has raised concerns about the potential financial risks that these services can have for consumers.
53% of women experience financial stress, study shows
11 March 2024 / Herald Sun
Arca's CreditSmart/YouGov research on women's financial burden has been featured by News Corp in major metro papers nationwide and was originally published by Body+Soul. Arca CEO, Elsa Markula, highlights that women bear the brunt of financial stress due to multifaceted roles. Juggling professional duties, caregiving, and financial management, they're unsung heroes.
‘Like a credit card’: Buy now pay later facing big changes
13 March 2024 / news.com.au
Treasury released draft BNPL regulations for consultation. Arca's Elsa Markula recently discussed the details of the proposed regulations with news.com.au . While the regulations set minimum standards for negative and partial credit checks for BNPL, Arca encourages BNPL providers to go further and move to sharing payment history for BNPL accounts to promote greater financial inclusion, particularly for young consumers.
Arca backs review of credit reporting law
28 February 2024 / MPA Magazine
Arca has welcomed the government’s announcement of an independent review of Australia’s credit reporting framework.
“This review of the law is long overdue,” said Richard McMahon, General Manager for government and regulatory at Arca. “It’s been 12 years since the law covering credit reporting was put in place, and a lot has changed since then.”